Aqua, a gaming NFT market, has formally ceased operations, in accordance with a put up by CEO Sean Ryan on LinkedIn. This transfer is available in response to the slower-than-anticipated scaling of the Web3 gaming market, rendering Aqua’s continued operations untenable.
Aqua’s Mission and Challenges
Developed in 2022 by Sean Ryan, a former VP at Fb, Aqua sought to reshape the gaming expertise by partnering with blockchain giants Immutable and Polygon Labs. The platform aimed to present players management of their gaming belongings. Ryan stays dedicated to this imaginative and prescient regardless of its slower-than-expected uptake.
The startup encountered hurdles in mobilizing funds within the cryptocurrency gaming market, which has seen slower progress than initially projected.
Designed for the Players
Aqua’s platform, designed to supply a clean gaming market expertise, supported NFTs on Ethereum and scaling networks like Polygon and Immutable X. Avoiding redirection to third-party web sites was one of many platform’s key design goals.
Ryan’s imaginative and prescient for Aqua was to create a platform for real players, shifting away from the crypto merchants trying to make earnings by flipping gaming NFTs.
Trade Traits and Takeaways
Insights from over fifty blockchain recreation builders identified a pattern in the direction of built-in recreation marketplaces that will not disrupt one’s gaming expertise, providing a doubtlessly insightful facet to different gamers within the business.
The gaming NFT market has seen ramped-up competitors in current instances. Platforms comparable to G2A, OpenSea, and Magic Eden are making headway within the gaming class, with Sequence additionally getting into the sector with a brand new software for in-game marketplaces.
What Lies Forward
Regardless of its shuttering, Aqua’s makes an attempt highlighted the distinctive challenges and alternatives inside the gaming crypto market, offering priceless classes for future aspirants on this area. Because the business continues to evolve, it stays to be seen how these dynamics will form the way forward for gaming-focused NFT marketplaces.