GameStop is pulling the plug on its NFT marketplace, another crypto casualty for the video game retailer. Just two months after abruptly shutting down its crypto wallet, GameStop will permanently disable the ability to buy, sell or mint NFTs starting February 2nd.
In the closure notice posted online, GameStop cites “the continuing regulatory uncertainty of the crypto space” as motivation for winding down operations. It mirrors the explanation given in November upon terminating its cryptocurrency wallet feature without warning.
The NFT platform had a short run after launching mid-2022 amid much fanfare. On the heels of rampant speculation earlier that year, GameStop unveiled plans to create an NFT marketplace using blockchain technology from Immutable X and Loopring.
But the promised digital asset trading revolution never quite materialized for GameStop. And with crypto regulation in flux, the company decided the prudent move was to decouple from blockchain entirely.
In the alert to users, GameStop is quick to reassure that while transactions will cease on its marketplace, customers’ existing NFT assets live securely on the blockchain. And they can still be accessed or sold through other crypto platforms and services.
So for die-hard GameStop apes holding valuable bored ape NFTs or $GME token collectibles, fear not ? your digital treasures are safe and very much still yours, even as GameStop beats a wholesale retreat from the Web3 space.
It’s another gut punch ending for gamers and investors who bought into the GameStop NFT hype. But an unsurprising strategic shift as the crypto winter drags on, freezing out riskier ventures across the industry.
