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 <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>
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 <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>
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 <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>
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<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

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