GameStop, the major American video game retailer, recently … announced that it will close its marketplace for non-fungible tokens (NFTs). The decision to withdraw will take effect on February 2, 2024. The American computer games retailer decided to discontinue the NFT wallet back in August last year.
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Declining trend noticeable in the NFT world
According to GameStop's website, the company has decided to pull the plug on its NFT marketplace due to ongoing regulatory uncertainty. For example, the reason given for the closure is “the ongoing regulatory uncertainty in the crypto world”.
GameStop has been in the news a lot in 2021 due to the stock's widespread decline. For example, one share in the company was worth a few tens of euros at the beginning of January 2021. A group of Reddit users encouraged each other to buy the stock. The result: the stock price rose to a record high of $347, up 14,000%. But less than a month later there was panic on the stock market. A rapid 86% decline saw the price fall below $50. There was a serious shortage.
GameStop is leaving the crypto world
The marketplace officially opened on Halloween 2022. The focus was on assets that can be earned through gaming. For the NFT platform, GameStop uses Ethereum's Layer 2 blockchain (ETH). By collaborating with Immutable X (IMX), a Layer 2 scaling solution for NFTs, the project should be a success.
However, GameStop itself said this was not the case. Those customers who currently own NFTs can sell them on other marketplaces. The NFTs are managed on the blockchain and can therefore be traded on other similar NFT marketplaces. GameStop is heralding a complete withdrawal from the crypto world.
The waning interest of the company itself was already noticeable. That's exactly how it was X account (formerly Twitter) of the NFT marketplace has been inactive since September last year. Nevertheless, the gaming giant tried to excite fans through its channels. The company showed that it is a big fan of Web3.
The actions are therefore very different from the words of GameStop. It remains to be seen whether GameStop will ever make a comeback in the crypto industry.
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