United

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/gamestop-to-gradually-shut-down-nft-marketplace-amid-regulatory-uncertainties/" data-wpel-link="internal">GameStop to Gradually Shut Down NFT Marketplace Amid Regulatory Uncertainties</a> 
The United States-based video game retail company GameStop has warned its users that it will gradually shut down its upcoming NFT marketplace platform, citing regulatory uncertainties as the reason. According to an announcement on GameStop’s official website, users have just over two weeks left to access the NFT platform. 
<h2 class="p1" style="text-align: justify" id="gamestop-s-noteworthy-move">GameStop’s Noteworthy Move</h2> 
Regarding the matter, the company assured NFT owners that the decision to further reduce its ties with the crypto sector would not affect their NFTs, sharing the following statement: 
<blockquote> 
 “Effective from February 2, 2024, customers will no longer be able to buy, sell, or create NFTs on the platform. Your NFTs will continue to exist on the blockchain network and will remain accessible and sellable through other platforms.” 
</blockquote> 
The gaming company pointed to the lack of legal regulation as the reason for further reducing its crypto services and stated in the announcement: 
<blockquote> 
 “GameStop has decided to close our NFT marketplace due to the ongoing regulatory uncertainty in the crypto space.” 
</blockquote> 
While many leaders in the crypto sector advocate for increased regulatory clarity, the US Securities and Exchange Commission’s decision to approve 11 spot <a href="https://en.coin-turk.com/how-to-make-money-in-cryptocurrency-tips-and-strategies/" data-wpel-link="internal">Bitcoin</a> exchange-traded funds clearly shows that regulators are becoming more open to regulating the crypto space. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-302367" src="https://coin-turk.com/wp-content/uploads/2024/01/patrick-tweet.png" alt="" width="500" height="549"> 
<h2 class="p1" style="text-align: justify" id="gamestop-and-the-crypto-space">GameStop and the Crypto Space</h2> 
This step comes after the gaming company has taken several steps back in the crypto sector in recent years. In August 2023, GameStop advised its customers to secure access to their “Secret Phrases” as it would be discontinuing access to iOS and Chrome Extension wallets. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-302366 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/gamestop-wallet.webp" alt="" width="1233" height="749"> 
In December 2022, GameStop announced it would step back from initiatives in the crypto sector after reporting a net loss of $94.7 million for the third quarter and laying off staff in its crypto assets department. GameStop CEO Matt Furlong stated that while the company remains optimistic about the long-term potential for crypto assets in the gaming world, it has not and will not risk significant shareholder capital in this area: 
<blockquote> 
 “Although we continue to believe in the long-term potential for crypto assets in the gaming world, we have not and will not risk meaningful shareholder equity in this space.” 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/gamestop-to-gradually-shut-down-nft-marketplace-amid-regulatory-uncertainties/" data-wpel-link="internal">GameStop to Gradually Shut Down NFT Marketplace Amid Regulatory Uncertainties</a></h5>

GameStop to Gradually Shut Down NFT Marketplace Amid Regulatory Uncertainties

Table of Contents

COINTURK NEWS

Other articles published on Jan 14, 2024

Wallet Drainers Stole Over $4M From Solana Users in the Past Month

Cardano (ADA) and Polygon (MATIC) Whales Back Hot New Crypto Venture Pullix (PLX) In Presale Round

Ukrainian authorities arrest 29-year-old cryptojacker

Why spot Bitcoin ETFs might not be all that we hope

ChainGPT's Marketing Engagement in PancakeSwap: Syrup Pool and Gauges Voting Initiatives

The Uncertain Future of Dogecoin Amidst Market Changes

Join our free newsletter for daily crypto updates!