Immutable

Hedera

Read

<div class="cryptonews">
 <p class="is-style-lead">GameStop, a well-known retailer of video games and consumer electronics, has revealed plans to halt operations on its non-fungible token (NFT) marketplace by Feb. 2.</p>
 <p>The company shared the news via a pop-up message on the GameStop NFT Marketplace website, stating it was driven by the persistent regulatory ambiguities surrounding the crypto sector.</p>
 <p>“GameStop has decided to wind down our NFT <a rel="noopener noreferrer nofollow" title="marketplace" href="https://thebittimes.com/tag/marketplace.html">marketplace</a> due to the continuing <a rel="noopener noreferrer nofollow" title="regulatory" href="https://thebittimes.com/tag/regulatory.html">regulatory</a> uncertainty of the crypto space,” the message read in part.</p>
 <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
  <div class="wp-block-embed__wrapper">
   <div class="rll-youtube-player" data-src="https://www.youtube.com/embed/PT2PiXZJ0Ls" data-id="PT2PiXZJ0Ls" data-query="feature=oembed" data-alt="GameStop Retreats from Crypto Space, Shuts Down NFT Marketplace Amid"></div>
   <noscript><iframe title="GameStop Retreats from Crypto Space, Shuts Down NFT Marketplace Amid" width="1020" height="574" src="https://www.youtube.com/embed/PT2PiXZJ0Ls?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
   </noscript>
  </div>
 </figure>
 <p>According to the message, current NFT holders will maintain access to their assets through other NFT platforms. Still, the ability to mint or conduct transactions within the GameStop NFT <a rel="noopener noreferrer nofollow" title="marketplace" href="https://thebittimes.com/tag/marketplace.html">marketplace</a> will be discontinued.</p>
 <p>This decision is the latest sign of a change in strategy for GameStop, as it seeks to distance itself from crypto and NFTs, indicating a shift from riskier investments in the crypto industry.</p>
 <p>The company launched the NFT platform in July 2022 to facilitate the buying, selling, and minting of non-fungible tokens, primarily those rooted in gaming themes and associated with GameStop rewards.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Nike dives into video game wearables, explores NFT fashion
 </div>
 <p>Its entry into NFTs and cryptocurrency was initially part of a resurrection plan following a challenging business period culminating in a short-squeeze incident in January 2021, made famous by the movie “Dumb Money.”</p>
 <p>At that time, the company hired a 20-member team to oversee the gaming NFT marketplace and partnered with Immutable X. However, several months later, the company made a significant reversal of its crypto strategy.</p>
 <p>Despite initial optimism, the NFT market has seen a significant drop, with monthly trading volumes plummeting over 97% from their highest point.&nbsp;</p>
 <p>This decline, coupled with GameStop’s relatively minor role in the overall NFT trading scene, may have presumably influenced the company’s decision to pull back from the sector.</p>
 <p>The unexpected shutdown of the NFT <a rel="noopener noreferrer nofollow" title="marketplace" href="https://thebittimes.com/tag/marketplace.html">marketplace</a> didn’t stun industry insiders. Before this latest announcement, GameStop discontinued its crypto wallet in August 2023 and, as of Nov. 1, ceased all support for it.&nbsp;</p>
 <p>The crypto wallet’s discontinuation occurred on the heels of the dismissal of GameStop’s CEO, Matt Furlong, who had been at the helm during the wallet and <a rel="noopener noreferrer nofollow" title="marketplace" href="https://thebittimes.com/tag/marketplace.html">marketplace</a> launches.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Hedera Council allocates billions in HBAR to grow network
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gamestop-confirms-plans-to-shut-down-nft-marketplace-over-regulatory-concerns-tbt76551.html">https://thebittimes.com/gamestop-confirms-plans-to-shut-down-nft-marketplace-over-regulatory-concerns-tbt76551.html</a></p>

GameStop confirms plans to shut down NFT marketplace over regulatory concerns

TheBitTimes

Other articles published on Jan 14, 2024

Option2Trade Moving in Stage 2 of Presale Outpacing Beam (BEAM) & Immutable (IMX)

Crypto Investments: Comparing NuggetRush, Polygon, and Dogecoin’s Prospects

Ethereum’s 20% Rally vs. Bitcoin Fueled by BlackRock CEO’s Positive Outlook on ETH ETF

Bitbot launches its presale this week: What should you know?

US lawmaker tips Donald Trump’s administration to be crypto-friendly

The Uncertain Future of Dogecoin Amidst Market Changes

Join our free newsletter for daily crypto updates!