GameStop shut down its NFT marketplace platform
Despite the highly positive shifts in the cryptocurrency market in the early days of 2024, thanks to the SEC’s official approval of the Bitcoin spot ETF, the impact of the crypto winter still lingers.
Most recently, the renowned game retail distributor, GameStop, has brought its crypto journey to a close by announcing the discontinuation of its 1.5-year-old NFT marketplace platform.
The #GameStop NFT Marketplace is winding down
We would like to thank @GameStop for choosing Loopring L2 as an integration partner. It was a pleasure working with the team there
Creators: the future doesn’t stop here. Loopring L2 has become a home for amazing NFT artists,… pic.twitter.com/B6H57kUDBg
— Loopring💙 (@loopringorg) January 12, 2024
In July 2022, GameStop entered the NFT trading market, supporting two Layer-2 Ethereum networks, Immutable X and Loopring. A few months earlier, the company also introduced its own non-custodial cryptocurrency wallet, gearing up for the digital asset world.
The gaming disc giant made some notable waves upon its initial foray. However, the challenging cryptocurrency market and unfavorable legal environment took a toll on their endeavors.
Related: Twitter Removes Feature to Set NFT as Profile Picture
By August 2023, GameStop announced the termination of its crypto wallet service. The NFT marketplace platform managed to hold on for an additional four months before receiving its “death sentence”.
The official announcement on their website stated:
GameStop has decided to shut down its NFT marketplace due to uncertainty regarding the legal regulations in the cryptocurrency field.
The marketplace will cease operations as of February 2nd. Meanwhile, GameStop NFT’s X account (formerly on Twitter) has shown no activity since September of the previous year.
With both products now “shutting down shop”, GameStop officially bids farewell to its brief cryptocurrency journey.
