Aqua, Gaming NFT Marketplace, Shuts Down: CEO Cites Slow Growth in Web3 Gaming Market

The gaming NFT marketplace Aqua has officially ceased operations, CEO Sean Ryan announced on Linkedin Friday. The closure comes as a result of the market’s failure to scale to a mass market size within a viable time frame, according to Ryan’s statement.

Ryan expressed his sentiments about Aqua’s closure, acknowledging both successful and challenging aspects of the venture. Despite the belief in gamers owning their gaming assets via NFTs, the CEO highlighted the necessity for a longer timeline for this vision to materialize.

Launched in 2022 by Ryan, a former VP at Facebook, Aqua had partnered with blockchain firms like Immutable and Polygon Labs. However, despite these collaborations and less than two years in operation, the startup struggled to secure funds in a crypto gaming market with slower-than-anticipated growth.

“Sometimes one is just too early,” Ryan shared with Decrypt’s GG, emphasizing his belief in the potential of the gaming NFT category.

Aqua had intended to provide a gaming NFT marketplace and embedded solutions for game developers. Supporting NFTs on Ethereum, as well as scaling networks Polygon and Immutable X, the platform aimed for a player-focused experience within the NFT gaming space.

The closure of Aqua reflects the challenges faced by startups in the evolving landscape of Web3 gaming, signaling a need for a more extended timeline for the envisioned mass adoption of gaming assets ownership through NFTs.

Source: Decrypt

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