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GameStop Decides To Shut Down Its NFTs Marketplace Business

Regulatory hurdles forced GameStop to terminate its Crypto NFTs platform forever. 

GameStop is an American video game, consumer electronics, and gaming merchandise retailer. This American company is headquartered in Grapevine, Texas. This gaming company is popular in the whole world. In Q2 2022, this company launched its NFTs marketplace to allow gamers, creators, collectors and other community members to buy, sell and trade NFTs.

On 13 Jan 2024, GameStop announced officially that the company is going to wind down its NFTs marketplace business. 

The announcement confirmed that people will be able to access their NFTs or say digital collectables for up to the next 14 days only and after that, they will not be allowed to access via GameStop’s NFTs platform. 

2 Feb will be the final date of complete termination of the company’s Crypto & NFTs services.

This decision was taken by this company because of the hostile regulatory environment in the US. The company confirmed that it faced huge regulatory pressure from the corresponding regulatory bodies, so it was necessary to take this decision.

GameStop confirmed that the latest decision will not impact NFTs holders’ ownership because they will be able to own/transfer their NFTs via other NFT platforms.

In August 2022, This company discontinued its services for IOs & chrome extension wallets and suggested that customers secure access to their Secret PassPhrase. That decision was also part of the regulatory hurdles for the company. 

At the time, GameStop CEO Matt Furlong shared his words on those sad & bad decisions and said that the company believes in the potential of the crypto & blockchain sector but doesn’t want to put the company’ stockholders’ money under any kind of risk under a hostile regulatory environment.

Some people noted that GameStop planned to shut down its crypto-related business activities already two years back under the pressure of capital stockholders. 

In Q1 & Q2 2023, the situation was very bad for the crypto sector, following the bankruptcy of multiple crypto companies in the US. 

Last we saw that many crypto firms tried their best to expand their business to other sectors as well as to other countries, in order to survive under bad conditions.

Read also: BlackRock purchases 11,500 Bitcoins, supply crunch coming?

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