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GameStop, the video game retailer, is shutting down the NFT marketplace, 18 months after its launch. The retailer’s website shows a message to users informing them that it will be closing down next month. It has cited “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.
According to the message on the website, customers who own Non-Fungible Tokens (NFTs) can sell them on other marketplaces. These digital assets are hosted on the blockchain and are not restricted to a single storefront.
“GameStop has decided to wind down our NFT marketplace due to the continuing regulatory uncertainty of the crypto space,” the message reads. “Effective as of February 2, 2024, customers will no longer be able to buy, sell or create NFTs.Your NFTs are on the blockchain and will remain accessible and saleable through other platforms.”
In 2021, GameStop announced its interest in exploring non-fungible tokens (NFTs). In January 2022, the company hired a team of 20 people to oversee the gaming NFT marketplace. A month later, GameStop partnered with Immutable to use their blockchain platform, Immutable X.
In collaboration with the crypto firm, GameStop established a $100 million fund in Immutable’s IMX token. However, GameStop sold a significant portion of the IMX tokens it had received, dumping $47 million worth onto the market. By July 2022, GameStop had launched its NFT marketplace to the public, but had also laid off an undisclosed number of employees. The company later added Immutable X gaming NFTs to its marketplace, but only after firing the CEO who had overseen the push into cryptocurrency.
With the shutdown of its NFT marketplace, GameStop has completely withdrawn from the cryptocurrency space. Earlier, the retailer removed its cryptocurrency wallet from its platform in November 2022, citing the “regulatory uncertainty of the crypto space” as the reason for the move.
According to the message on the website, customers who own Non-Fungible Tokens (NFTs) can sell them on other marketplaces. These digital assets are hosted on the blockchain and are not restricted to a single storefront.
“GameStop has decided to wind down our NFT marketplace due to the continuing regulatory uncertainty of the crypto space,” the message reads. “Effective as of February 2, 2024, customers will no longer be able to buy, sell or create NFTs.Your NFTs are on the blockchain and will remain accessible and saleable through other platforms.”
In 2021, GameStop announced its interest in exploring non-fungible tokens (NFTs). In January 2022, the company hired a team of 20 people to oversee the gaming NFT marketplace. A month later, GameStop partnered with Immutable to use their blockchain platform, Immutable X.
In collaboration with the crypto firm, GameStop established a $100 million fund in Immutable’s IMX token. However, GameStop sold a significant portion of the IMX tokens it had received, dumping $47 million worth onto the market. By July 2022, GameStop had launched its NFT marketplace to the public, but had also laid off an undisclosed number of employees. The company later added Immutable X gaming NFTs to its marketplace, but only after firing the CEO who had overseen the push into cryptocurrency.
With the shutdown of its NFT marketplace, GameStop has completely withdrawn from the cryptocurrency space. Earlier, the retailer removed its cryptocurrency wallet from its platform in November 2022, citing the “regulatory uncertainty of the crypto space” as the reason for the move.
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