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In a recent announcement on LinkedIn, Aqua’s CEO, Sean Ryan, confirmed the closure of the gaming NFT marketplace. The decision was made due to the unexpected challenges faced in the dynamic world of Web3 gaming. Despite the belief in the concept, Aqua struggled to raise funds and the Web3 gaming market failed to scale to mass-market proportions within the anticipated timeframe. Aqua, launched in 2022 by former Facebook VP Sean Ryan, positioned itself as a “player-focused” NFT gaming startup. The startup collaborated with blockchain firms such as Immutable and Polygon Labs to create a gaming NFT marketplace with embedded solutions for game developers. However, the startup faced challenges within a broader crypto-gaming market that exhibited slower-than-expected growth. Increased competition in the gaming NFT marketplace sector, with key players like G2A and OpenSea revamping their offerings, also contributed to Aqua’s decision to cease operations. This closure is not unique to Aqua, as other gaming NFT platforms, such as GameStop and Recur, have also faced setbacks in 2023. These developments highlight the complexities and uncertainties inherent in the intersection of gaming, NFTs, and the broader blockchain industry.