**Aqua Gaming NFT Marketplace Shuts Down**
**Struggle to Scale**
The gaming NFT marketplace Aqua has officially closed its doors, according to an announcement made by CEO Sean Ryan on Linkedin last Friday. The decision was based on the realization that the Web3 gaming market wasn’t scaling to a mass-market size within the expected time frame.
**Reasons for Closure**
In his announcement, Ryan recognized the successes and failures of Aqua, stating, “At Aqua, we did some things well and some things not as well, but the Web3 gaming market isn’t scaling to a mass market size in a time frame that made sense.” He emphasized the need to move on to other opportunities for their employees, expressing his ongoing belief in the idea that gamers should own their gaming assets.
**Timeline of Aqua**
Aqua was launched by Sean Ryan in 2022, where he partnered with blockchain firms like Immutable and Polygon Labs. However, less than two years later, the “player-focused” NFT gaming startup has ceased operations and shut down.
**Future of Gaming NFTs**
Ryan remains optimistic about the future of gaming NFTs, despite Aqua’s closure. He believes that gamers owning their gaming assets will still become a reality, but it may take longer than originally anticipated.
**Instructions for Aqua Wallet Holders**
For players with an AQUA Wallet, instructions were provided to transfer their funds into a different wallet. The closure of the platform is effective from December 1, 2023.
**Challenges Faced**
In a graphic shared by Ryan, it was revealed that Aqua struggled to raise funds in a broader crypto gaming market, which experienced slower-than-expected growth. He mentioned in an interview that sometimes, one can be just too early, indicating that Aqua may have faced the challenge of being ahead of its time.
**Aqua’s Unique Vision**
Aqua aimed to offer a gaming NFT marketplace, as well as more white-glove, embedded marketplace solutions for game developers. The marketplace supported NFTs on Ethereum, as well as scaling networks Polygon and Immutable X.
**Competition in the Marketplace**
However, Aqua faced significant competition in the gaming NFT marketplace space, with other platforms like Sequence, G2A, OpenSea, and Magic Eden also vying for a share of the market.
**Conclusion**
The closure of Aqua is not an isolated event in the industry, as other platforms like GameStop have also announced shutdowns of their NFT initiatives this year, citing regulatory uncertainty. Despite the challenges faced, the gaming NFT space remains competitive and continues to evolve.
*This article was edited by Andrew Hayward.*
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
