GameStop Closes NFT Marketplace Due to Crypto Regulations
The american video game retailer GameStop has recently made the decision to shut down its NFT marketplace.
The company, in a statement released on its website, pointed to the ongoing regulatory uncertainties surrounding the crypto space as the primary factor behind this move.
Launched officially on Halloween in 2022, the marketplace primarily focused on gaming assets, operating in collaboration with ImmutableX, an EthereumL2 blockchain.
This announcement signifies GameStop’s step back from the crypto landscape following the discontinuation of its crypto wallet back in August of the previous year.
Customers are reassured that they still have the option to sell their NFTs on alternative platforms, as these digital assets are decentralized and exist on the blockchain rather than being tied to a specific online storefront.
The closure of GameStop’s NFT marketplace may not come as a surprise to industry observers, given its relatively modest impact on NFT trading volumes.
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Notably, the marketplace’s X account has remained inactive since September of the preceding year.
Despite the lackluster performance, this decision represents a notable shift for GameStop, which had initially sought to engage its retail trader fanbase through its exploration of Web3 in 2022.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
