GameStop, the video game retailer, entered the NFT space with a new marketplace and plans to support crypto games. However, due to the declining NFT market and regulatory uncertainties in the crypto space, GameStop has decided to end support for its crypto wallet. Users are advised to back up their wallet's secret passphrase before the November 1 shutdown.
The company's CEO Matt Furlong had previously signaled their move away from NFTs and crypto. GameStop has faced layoffs in recent years, while its stock price fluctuated during the meme stock craze of early 2021. Crypto wallet engineers were reportedly among those laid off in December 2022 when the company shifted its focus away from NFTs.
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