GameStop is exiting the NFT space, shutting down its NFT marketplace a year and a half after its launch. The decision, attributed to ongoing regulatory uncertainties in the crypto space, was communicated through a message on the marketplace's website. The platform ceased operations on February 2, 2023.
Although the NFTs minted on blockchains can still be accessed elsewhere, GameStop's departure from the crypto realm follows its decision four months ago to terminate its NFT wallet for similar reasons. Despite signaling NFT plans in 2021 and forming a 20-person team in January 2022, GameStop's venture into NFTs faced internal changes, including the firing of its CEO overseeing the crypto initiatives. The company had collaborated with Immutable X and established a $100 million fund in Immutable's IMX token, but by July 2022, layoffs occurred.
GameStop's NFT marketplace was finally launched to the public in July 2022, and it included Immutable X gaming NFTs months later.
The GameStop NFT Twitter account has been silent since September 2023, and analytics platform DappRadar has removed the marketplace from its list.
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