GameStop Abandoning Crypto Gaming, Eliminating NFT Marketplace
This news comes four months following the storied video game retailer dropping its nonfungible token wallet, with GameStop planning to leave the space altogether.
GameStop, a publicly traded video game retailer, is bidding farewell to its platform that backs gaming nonfungible tokens (NFTs) as well as other collectibles across Loopring and Immutable X. This is happening nearly 18 months after unveiling its nonfungible token (NFT) marketplace.
GameStop Reveals Plan to Quit Crypto Games
According to a message on the marketplace’s website, the crypto space’s current regulatory ambiguity compelled the retailer to consider winding down its nonfungible token marketplace. Additionally, it noted that starting February 2, the platform will no longer be operational.
Nevertheless, since the nonfungible token’s minting happened on blockchains, people can access them elsewhere. Also, other marketplaces can be used to purchase and sell them.
Nearly four months ago, GameStop revealed it was eliminating its nonfungible token wallet because of the same grounds. The video game retailer also used a pop-up message on its marketplace’s site to alert traders about the news.
The reason behind GameStop’s failure to shut down the two products concurrently and instead opting to stagger its exit from crypto remains unclear.
Changes in Crypto Gaming
GameStop initially indicated intentions to deal with nonfungible tokens in 2021, and later, in January of the following year, it engaged a team of 20 persons to manage the gaming nonfungible token marketplace.
Nearly a month afterward, the long-running retailer revealed its partnership with Immutable. It claimed it would utilize Immutable X’s and developed a $100M fund in Immutable’s IMX token with the crypto company.
Subsequently the game retailer generated a significant amount of IMX tokens it had acquired, releasing $47M to the market.
GameStop Ending NFT Marketplace
By July 2022, an unrevealed number of workers had been released. However, GameStop unveiled its nonfungible token marketplace to the public. Months afterward, it included Immutable X gaming nonfungible tokens in its marketplace.
However, that happened months after the dismissal of the chief executive officer who managed the retailer’s crypto initiative.
According to GameStop NFT marketplace data, DappRadar, an analytics platform, has taken it off the list. It was previously included in September 2022.
In particular, the GameStop nonfungible token Twitter account has not tweeted anything concerning its closure. Additionally, it has not tweeted anything since September last year.
