GameStop has announced that effective February 2, its non-fungible token (NFT) marketplace will be shut down, and users will no longer be able to buy, sell, or create NFTs using the platform.
2021 was a wild year for GameStop as it became one of the most popular meme stocks in the world and announced its foray into NFTs. However, the GameStop NFT marketplace shutdown is coming just 18 months after its launch in 2022.
Reassuringly for anyone who has purchased an NFT through GameStop’s marketplace, the nature of the blockchain means that the NFT won’t be going anywhere just because the marketplace will be closing down. They will still be able to buy and sell the NFTs on other marketplaces.
The full statement on GameStop’s NFT website says:
GameStop has decided to wind down our NFT marketplace due to the continuing regulatory uncertainty of the crypto space.
Effective as of February 2, 2024, customers will no longer be able to buy, sell or create NFTs. Your NFTs are on the blockchain and will remain accessible and saleable through other platforms.”
This marks GameStop’s exit from crypto and the blockchain entirely. As pointed out by Decrypt, the regulatory uncertainty of crypto was the reason cited by GameStop when they closed down their crypto wallet four months ago.
The future of NFTs
Just a couple of years ago, NFTs looked like they might be The Next Big Thing. However, the market has soured somewhat and the future of NFTs looks uncertain. The crypto space is wracked with changing regulations, and NFTs in particular have seen setbacks.
Logan Paul was recently forced to buy back $2.3 million worth of ‘CryptoZoo’ NFTs in the face of a class-action lawsuit. Additionally, Twitter/X has removed support for NFT profile pictures, a move that dismayed crypto enthusiasts.
Despite these setbacks, or perhaps because of them, the crypto industry spent a record-breaking amount of money on lobbying in 2023, with the hopes to smooth the regulatory landscape around crypto.
Featured image credit: Screenshot of GameStop NFT marketplace