Immutable, a Layer 2 network known for its contributions to non-fungible tokens (NFTs) and blockchain gaming, has announced the closure of its NFT marketplace.
The Immutable Bazaar will officially close on August 13th and will be fully redirected on September 27th.
Immutable Adapts Strategy Amid NFT Market Challenges
Initially serving as a showcase for the Immutable SDK, the Immutable Marketplace is shifting its focus to support external platforms more effectively as the ecosystem expands.
As stated by the development team, “As a company, we want to support these markets and see the immutable ecosystem grow, rather than compete with them.”
Learn more: The 7 Best NFT Markets to Know About in 2024
Your blockchain-protected assets will remain accessible through all markets, with an immutable global order book ensuring continuity of existing listings.
The Trend of NFT Market Downturn in 2024
Recent developments, including GameStop’s withdrawal from the NFT market, highlight the challenges and volatility faced by the NFT industry.
Monthly NFT sales plummeted from $1.299 billion in February to $429.93 million in July, marking a decline of 66.65%. Despite this, second-quarter sales in 2024 showed an 8% increase compared to the previous year.
Learn more: How to Start Trading NFTs: A Step-by-Step Guide
Impact on Major NFT Collectibles
Base prices of prominent NFT collectibles have also experienced significant drops, such as the lowest price of the Bored Ape Yacht Club (BAYC) falling from 9.87 Ethereum (ETH) to around $23,688, a substantial decrease from its peak of 145 ETH ($536,500) in May 2022.
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