Aquaa gaming NFT marketplace, has officially ceased operations, according to a post from CEO Sean Ryan LinkedIn. This move is in response to the slower-than-expected scaling of the Web3 gaming market, making the continuation of Aqua’s business unsustainable.
Aqua’s mission and challenges
Developed in 2022 by Sean Ryan, a former vice president at Facebook, Aqua sought to reimagine the gaming experience by partnering with blockchain giants Immutable and Polygon Labs. The platform was intended to give gamers control over their gaming assets. Ryan remains committed to this vision, even though its rollout is slower than expected.
The startup faced hurdles in mobilizing funds in the cryptocurrency gaming market, which has seen slower growth than initially expected.
Designed for the gamers
Designed to provide a smooth gaming market experience, Aqua’s platform supported NFTs on Ethereum and scaled networks such as Polygon and Immutable
Ryan’s vision for Aqua was to create a platform for real gamers, and move away from the crypto traders looking to make a profit by flipping gaming NFTs.
Industry trends and takeaways
Insights from over fifty blockchain game developers indicated a trend toward integrated game marketplaces that would not disrupt the gaming experience and provide a potentially insightful aspect to other industry players.
The gaming NFT marketplace has seen increasing competition in recent times. Platforms such as G2AOpenSea and Magic Eden are making strides in the gaming category, with Sequence also entering the arena with a new in-game marketplace tool.
What lies ahead
Despite the shutdown, Aqua’s efforts highlighted the unique challenges and opportunities within the gaming crypto market, providing valuable lessons for future aspirants in this field. As the industry continues to evolve, it remains to be seen how these dynamics will shape the future of gaming-focused NFT marketplaces.
