web3: GameStop ends its NFT marketplace and leaves the crypto ecosystem

  1. GameStop is terminating its NFT marketplace launched in 2022, citing regulatory uncertainties in the cryptocurrency sector.
  2. The closure of the GameStop marketplace is scheduled for February 2, 2024.
  3. After already abandoning its crypto wallet last August, this closure marks an almost total withdrawal of GameStop from the crypto space.

GameStop announced the closure of its NFT marketplace, scheduled for February 2, 2024, marking a turning point for the company which had tried to establish itself in the world of Web3 in 2022. The decision to close the marketplace, which had been officially launched to Halloween 2022 focusing on gaming assets in partnership with ImmutableX, is attributed to “the continued regulatory uncertainty of the crypto space.

GameStop has decided to shut down its NFT marketplace due to ongoing regulatory uncertainty in the crypto space.

Starting February 2, 2024, customers will no longer be able to buy, sell, or create NFTs. Your NFTs are on the blockchain and will remain accessible and sellable via other platforms.

GameStop withdraws from the web3 ecosystem

The news means that GameStop withdraws almost entirely from the cryptocurrency sector, having already deleted its crypto wallet in August last year. Customers will still be able to sell their NFTs on other marketplaces, with the digital assets hosted on the blockchain rather than on a single platform.

While this announcement is not a complete surprise to observers, given that GameStop’s NFT marketplace had failed to significantly impact NFT trading volumes, it nevertheless marks a significant turnaround for the company. GameStop had sought to mobilize its retail investor fans with its foray into Web3 in 2022.