GameStop axes NFT marketplace, citing regulatory uncertainty

The Block2024/01/14 00:01

By:The Block

Quick Take GameStop’s NFT marketplace will wind down on February 2, 2024. The company killed its NFT wallet last August, citing regulatory uncertainty for both moves.

GameStop has announced the closure of its NFT m arketplace. In a statement posted to the site, the company cites "the continuing regulatory uncertainty of the crypto space" as the reason behind the closure. The marketplace officially launched on Halloween of 2022, focusing on gaming assets in partnership with ImmutableX, an Ethereum layer 2 blockchain.

The news means GameStop is all but exiting the crypto space after the company axed its crypto wallet last August. Customers will be able to sell their NFTs on other marketplaces, the website's message says, as the digital assets are hosted on the blockchain rather than any one storefront.

This news is unlikely to shock observers, though, as GameStop's NFT marketplace largely failed to make a dent in NFT trading volumes. The marketplace's X account hasn't been active since September of last year, either. Still, the move marks a significant turn for the company, which sought to rally its retail trader fans with its foray into Web3 in 2022.

GameStop did not immediately respond to a request for comment from The Block.

Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.