- GameStop announced on February 2, 2024, that it will be shutting down its NFT marketplace.
- The decision to close the platform was driven by regulatory uncertainty surrounding cryptocurrencies.
- The company had earlier discontinued support for its crypto wallet in November 2023.
GameStop Corp., a popular gaming company, is set to officially close its NFT marketplace on February 2, 2024. This move comes in light of the “uncertainty in the regulation of cryptocurrencies,” which has led to the decision to cease operations for the platform. The gaming retailer stopped supporting its crypto wallet last November, removing the application from major app stores like Apple and Google. According to the company, this closure is a result of the increasing regulatory challenges faced by digital assets. GameStop faced significant losses during the crypto winter, resulting in a shift away from investments in the industry. In the third quarter of 2022, the company reported a loss of $95 million. At present, GameStop has not provided any further comments or statements regarding the marketplace closure. It’s worth noting that another social network, X, had recently stopped supporting stylized NFT avatars.