Aqua, an Ethereum-based NFT gaming marketplace, has shut down due to the slower-than-expected expansion of the Web3 gaming market. CEO Sean Ryan confirmed the closure, attributing it to the lack of mass-market scale necessary for continued operation.
Aqua aimed to provide gamers with a seamless in-game marketplace. However, competition in the gaming NFT marketplace sector from entities like G2A, OpenSea, and Magic Eden presented additional challenges.
The recent launch of in-game marketplace tools by Sequence, a competitor, underscores the evolving nature of this sector. OpenSea and Magic Eden have also emphasized gaming, indicating a growing focus on this market segment. Despite these developments, Aqua’s closure is not an isolated incident in the gaming NFT landscape. Earlier this year, GameStop also stepped back from its NFT wallet project, citing regulatory uncertainties.
In his closing remarks, Ryan expressed continued belief in the future of gamers owning their gaming assets, albeit acknowledging that this reality might take longer to materialize than initially expected. As the crypto gaming sector continues to navigate its path forward, Aqua’s shutdown serves as a reflective moment for the industry, highlighting both the potential and challenges of integrating blockchain technology into gaming.