GameStop, the publicly traded video game retailer, has decided to shut down its NFT marketplace after operating it for around a year and a half since its launch.
The platform, which facilitated trading of gaming NFTs and collectibles on the Ethereum scaling networks Immutable X and Loopring, will cease operations effective February 2, 2024.
GameStop cited “ongoing regulatory uncertainties in the crypto space” as the reason for concluding the NFT marketplace operations. However, the NFTs minted on blockchains will remain accessible and tradeable on other platforms despite GameStop discontinuing its own.
GameStop gained popularity when r/WallStreetBets drove its stock price to new highs in early 2021. Analytics platform DappRadar had included GameStop’s NFT marketplace in its listings in September 2022 but has now removed it.
In a strategic move into NFTs, GameStop first hinted at plans in 2021 and assembled a dedicated team of 20 for its gaming NFT marketplace in January 2022. It also partnered with ImmutableX and committed $100 million in Immutable’s IMX token for the project.
Four months ago, GameStop had already discontinued its NFT wallet citing similar reasons. The staggered exit from crypto rather than simultaneously shutting down both products raises questions on GameStop’s crypto strategy.
Also Read: SEC Continues to Criticize Bitcoin Despite ETFs Approval
