GameStop is getting out of the NFT business.
About a year and a half after launching its NFT marketplace, publicly traded video game retailer GameStop said goodbye to the platform that powers game NFTs and other collectibles on Ethereum extension networks Immutable X and Loopring.
“GameStop has decided to close its NFT marketplace due to ongoing regulatory uncertainty in the cryptocurrency industry.” A message on the marketplace website added that the platform will no longer operate from February 2 this year. However, because NFTs are issued on a blockchain, they can be accessed elsewhere and bought and sold through other marketplaces.
About four months ago, GameStop announced: Killing NFT wallets For much the same reason. GameStop also broke the news to traders the same way: through a pop-up message on the marketplace site. It’s unclear why GameStop decided to stagger its departure from the cryptocurrency rather than exit both products simultaneously.
GameStop first revealed plans to participate in NFTs in 2021, then in January 2022. that Hired a team of 20 people Oversees the gaming NFT market. The long-running retailer announced a collaboration with Immutable about a month later, using Immutable X’s blockchain. 100 million dollar fund Use Immutable’s IMX token with the crypto company. A day later, GameStop cashed out a significant portion of the IMX tokens it had just received. throwing away $47 million It’s worth bringing to the market.
By July 2022, GameStop had laid off an undisclosed number of employees. NFT Marketplace Launched to the public. After a few months it was finally added. Immutable X Gaming NFT It was released on the market, but a few months later. GameStop fired its CEO. Who oversaw the retailer’s cryptocurrency push.
A search for GameStop NFT marketplace data reveals that analytics platform DappRadar has already removed it from its listings. It was initially added to . September 2022. Notably, the GameStop NFT Twitter account did not tweet about the shutdown, and has not tweeted at all since September 2023.
GameStop did not immediately respond. decryptionThis is a request for your opinion.
Editor: Andrew Hayward
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