Gamestop to close NFT marketplace just 18 months after it opened

Sayem Ahmed

Gamestop is about to close its NFT marketplace after just 18 months of operation, as proven on the corporate’s web site.

Gamestop’s alliance with NFTs is ending, as the corporate has introduced on its NFT-focused web site that the enterprise will not provide a marketplace due to “regulatory uncertainty”. The change shall be efficient from February 2, and customers can not purchase, promote, or create NFTs utilizing the platform.

However, the corporate notes that customers will nonetheless have the option to entry their property, and that they are going to stay on the blockchain, and shall be ready to be offered by way of various platforms. According to Decrypt, this information comes 4 months after the agency closed its NFT pockets providers.

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Gamestop is buying and selling at 13% decrease than its worth as of December 2023. While CEO Ryan Cohen remained a bullish determine amongst many investing within the inventory, it seems that the corporate’s crypto gambit has failed.

The marketplace supported “gaming” targeted NFTs and collectibles, it additionally had entry to networks Immutable X and Loopring, that are each Ethereum-based networks.

Regulatory uncertainty shuts down marketplace

GameStop shopfront amid the WallStreetBets $GME "to the moon" saga.(*18*)Facebook: GameStop

Gamestop’s quotation of regulatory uncertainty is an attention-grabbing one, whereas NFT fever hit fever pitch a number of years in the past, most of the digital tokens at the moment are completely nugatory, in accordance to a 2023 examine. Gamestop has additionally seemingly not been promoting its NFT providing on social media since September 2023. Gamestop employed a team of 20 to deal with its NFT marketplace, and it stays unclear if there shall be inner layoffs for the reason that main operate of the product has now been axed.

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Whether this spurs extra gaming-focused firms to abandon the concept of using NFTs in-game stays to be seen. But, till then, it seems that Gamestop’s NFT focus is winding down.

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