Immutable has announced the upcoming shutdown of its non-fungible token (NFT) marketplace, IMX.
According to an announcement on the company’s website, the marketplace will be closed on August 13, 2024. The decision to retire IMX is part of Immutable’s strategy to support other marketplaces within its ecosystem rather than competing directly.
Starting in September, the current IMX marketplace website will be redirecting users to a page showcasing various NFT marketplaces in the Immutable ecosystem, including Sphere, AtomicHub, and TokenTrove.
For current asset holders, the company has assured that ownership of NFTs will not be affected by the shutdown. All assets will remain in users’ wallets, preserving their ownership status.
Immutable initially launched the IMX marketplace as a platform for trading in-game assets, intended to demonstrate the capabilities available to developers through the Immutable SDK, which provides easy access to Immutable’s APIs and smart contracts.
Since its inception in 2021, Immutable has been a significant player in the Web3 gaming space. In May, the company reported two notable achievements: its Web3 gaming ecosystem reached 800,000 active users, and its Immutable Passport surpassed 1 million signups. Additionally, the company announced plans to launch 60 new games within the next nine months.
Immutable has been in the spotlight for other reasons as well. In 2022, GameStop chose Immutable X blockchain as the foundation for its NFT marketplace, which recently closed after two years of operation.
Immutable’s decision to shut down IMX follows a broader trend in the NFT market, where various projects have been ending due to legal uncertainties and declining market conditions.
Recent examples include DraftKings, which ceased its Reignmakers NFT game and marketplace. This decision followed a U.S. judge’s ruling last month, denying DraftKings’ motion to dismiss a class action lawsuit that argued its NFTs were unregistered securities.
Additionally, KnownOrigin, an NFT platform acquired by eBay in 2022, also announced its shutdown amidst a downturn in the NFT market and recent job cuts.
In a similar vein, Starbucks ended its NFT rewards beta program, Odyssey, in March, with no clear details provided about the future of the program, leaving industry observers speculating about its potential evolution.
