GameStop To Shut Down NFT Marketplace
GameStop, the popular video game retailer, has announced that it will be discontinuing its NFT marketplace. The decision was made due to ongoing regulatory uncertainties in the crypto space. Starting from February 2, 2024, the platform will cease operations. However, the NFTs minted on blockchains will still be accessible and tradable on other platforms.
The GameStop NFT marketplace had gained attention after the WallStreet Bets saga in early 2021. DappRadar, an analytics platform, has removed the marketplace from its listings. The GameStop NFT Twitter account has also been inactive since September 2023.
A Strategic Move into the NFT Space
In 2021, GameStop hinted at its plans to enter the NFT space. In January 2022, the company formed a dedicated team to manage its gaming NFT marketplace and partnered with Immutable to utilize their blockchain technology.
GameStop also committed to a $100 million fund denominated in Immutable’s IMX token and later sold a significant portion of these tokens for $47 million. Despite employee layoffs, GameStop launched its NFT marketplace in July 2022 and added Immutable X gaming NFTs later on.
NFT Wallet Discontinuation
About four months ago, GameStop announced the discontinuation of its NFT wallet. It is unclear why they chose to stagger their exit from the crypto space instead of shutting down both products simultaneously.
Hot Take: GameStop Shuts Down Its NFT Marketplace
After operating for approximately a year and a half, GameStop has decided to shut down its NFT marketplace. The decision comes amidst ongoing regulatory uncertainties in the crypto space. While this may be disappointing news for fans of GameStop’s NFT platform, the NFTs minted on blockchains will still be accessible and tradeable on other platforms. It remains to be seen whether GameStop will make any future forays into the world of NFTs, but for now, they are bidding farewell to their marketplace.
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