Immutable Shuts Down NFT Marketplace, Kanpai Pandas NFTs Plunge Amid Trump Token Controversy

In this week's newsletter, find out why Immutable has retired its non-fungible token (NFT) marketplaces and why Kanpai Pandas NFTs floor prices dropped after the team's involvement in a Donald Trump-themed token. Check out why an executive believes Web3 gaming needs a Steam-like platform, and, in other news, big companies are continuing to develop metaverse hardware.

NFT and gaming blockchain Immutable has shut down its marketplace to focus on expanding its ecosystem.

On Aug. 8, the network announced that it will wind down its marketplace operations on Aug. 13. The company will reportedly shift its focus to supporting other marketplaces within its ecosystem.

Immutable launched its marketplace in 2022 to showcase the capabilities of its Immutable Software Development Kit (SDK). The platform was used to launch several NFT collections and games.

However, Immutable now believes that other marketplaces are better positioned to continue growing the NFT market. The company added that it will continue to support Immutable X and other marketplaces in the ecosystem.

An NFT collection called Kanpai Pandas has dropped in floor price following the team’s alleged involvement in a Donald Trump-themed token.

The memecoin was initially claimed to be officially backed by the Trump family, but this was quickly debunked by Trump’s sons, leading to a decrease in the floor price of the Kanpai Pandas collection.

The Kanpai Pandas collection launched in 2022 and quickly became popular, generating over 10,000 ETH in secondary trading volume. The collection is known for its unique 3D artwork and vibrant community.

However, after the Trump-themed token was deemed to be fake, the floor price of the Kanpai Pandas collection dropped significantly. According to NFT Price Floor, the floor dropped from 0.775 Ether (ETH) (around $2,672) to 0.42 ETH, a decrease of about 45%.

OKX chief innovation officer Jason Lau has highlighted the need for a Steam-like platform for Web3 gaming to grow.

In an interview with Axios, Lau stated that as Web3 gaming continues to grow, the space needs a game distribution system like Steam, a popular gaming application in Web2.

Steam attracts millions of gamers because of its features, which include a vast library of games, user reviews, and community integration. However, the platform banned NFT and crypto games in 2021.

Lau believes the space needs its own Steam-like platform to cater to games that integrate Web3 mechanics, such as decentralized economies and true ownership of in-game assets.

Half of the 10 most valuable companies on Earth are making metaverse hardware.

Microsoft has reportedly collaborated with Samsung to develop a new spatial computing headset, targeting a 2026 release. This move places Microsoft among other tech giants, such as Apple, Google, Meta and Nvidia, who are actively developing metaverse hardware.

While Microsoft's device isn't explicitly for the metaverse, it highlights the growing market for immersive technologies. Despite skepticism, the metaverse concept is far from dead, with major players continuing to invest heavily.

Apple is working on a Vision Pro successor, Google is teaming up with Magic Leap, and Meta remains committed to its metaverse vision, all while Nvidia's graphics processing units (GPUs) underpin these advancements.

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