GameStop Slaughters NFT Market Citing Regulatory Uncertainty
GameStop announced the closure of its NFT marketplace. In a statement posted on the site, the company said the reason for the closure was “ongoing regulatory uncertainty in the cryptocurrency industry.” The marketplace officially launched on Halloween 2022 and focuses on gaming assets in collaboration with ImmutableX, an Ethereum layer 2 blockchain.
The news marks GameStop’s virtual exit from the cryptocurrency space after shrinking its cryptocurrency wallet last August. Customers will be able to sell their NFTs on other marketplaces, a message on the website says. This is because digital assets are hosted on a blockchain rather than in a single store.
However, this news will not shock observers, as GameStop’s NFT market has not seen a significant decline in NFT trading volume. of the market X account There has been no activity since September of last year. Still, the move marks a significant shift for the company as it looks to gain retail merchant fans through its Web3 foray in 2022.
GameStop did not immediately respond to The Block’s request for comment.
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