GameStop to Shutdown Its NFT Marketplace Amid Regulatory Scrutiny

After roughly a yr and a half since its NFT market launch, GameStop, the publicly-traded online game retailer, has determined to bid farewell to its platform. {The marketplace}, which facilitated gaming NFTs and varied collectibles on Immutable X and Loopring, working throughout Ethereum scaling networks, will not be maintained by GameStop.

GameStop To Discontinue Its NFT Platform From February 2

“GameStop has opted to conclude operations of our NFT market, citing ongoing regulatory uncertainties within the crypto house,” states a message on {the marketplace}’s website. Efficient February 2, 2024, the platform will stop operations. Regardless of this, the NFTs, minted on blockchains, preserve accessibility and stay tradeable on different platforms.

The #GameStop NFT Market is winding down

We wish to thank @GameStop for selecting Loopring L2 as an integration companion. It was a pleasure working with the crew there

Creators: the longer term would not cease right here. Loopring L2 has develop into a house for superb NFT artists,… pic.twitter.com/B6H57kUDBg

— Loopring💙 (@loopringorg) January 12, 2024

GameStop got here into a lot recognition after the WallStreet Bets took its inventory worth to unprecedented rally and new highs within the bull run of early 2021. A question for GameStop NFT market data signifies that DappRadar, an analytics platform, has eliminated it from its listings. The platform was initially included in September 2022. It’s noteworthy that the GameStop NFT Twitter account has not posted any updates about its closure and has been inactive since September 2023.

In a strategic transfer to enterprise into the NFT house, GameStop initially hinted at its plans in 2021. Subsequently, in January 2022, the corporate assembled a devoted crew of 20 people to handle its gaming NFT market. A month later, GameStop disclosed its partnership with Immutable, revealing its intention to make the most of Immutable X’s blockchain.

Concurrently, GameStop dedicated to a $100 million fund denominated in Immutable’s IMX token. Shortly thereafter, the retailer promptly liquidated a considerable portion of the just lately acquired IMX tokens, offloading $47 million value onto the market.

By July 2022, GameStop underwent an undisclosed variety of worker layoffs however proceeded to launch its NFT market for public entry. Regardless of the launch, the inclusion of Immutable X gaming NFTs within the market occurred a number of months later. Notably, this growth unfolded after GameStop ousted its CEO, who had overseen the corporate’s foray into the crypto realm.

Killing the NFT Pockets

Roughly 4 months in the past, GameStop declared the discontinuation of its NFT wallet, citing related causes. The communication of this data to merchants adopted the identical strategy: a pop-up message on {the marketplace}’s web site. It stays unclear why they opted to stagger its exit from the crypto house slightly than shutting down each merchandise concurrently.

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Bhushan is a FinTech fanatic and holds a very good aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Expertise and Cryptocurrency markets. He’s constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary abilities.

The introduced content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.