GameStop is torching its NFT marketplace less than two years after it launched.
The retailer has slapped a notice on the nascent storefront (which is still in beta mode) to explain it will be winding down on February 2 due to “regulatory uncertainty.”
“GameStop has decided to wind down our NFT marketplace due to the continuing regulatory uncertainty of the crypto space,” it reads.
“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.”
The marketplace flung open its doors in 2022 in partnership with Ethereum-based blockchain Immutable and allowed users to purchase virtual artwork, collectibles, and more in the form of non-fungible tokens (NFTs).
“These items can then be transferred and traded between collectors, and can even be resold on other marketplaces. This is due to the fact that GameStop NFT is a decentralized application built on top of the Ethereum blockchain, using the Loopring Layer 2 scaling solution,” reads an explainer, still accessible through the platform.
GameStop required users to download its very own GameStop Wallet in order to transfer and trade NFTs on the marketplace, but last year discontinued that app–again citing “regulatory uncertainty.”
Prior to that, former GameStop CEO Matt Furlong had indicated the company was approaching the crypto and NFT market with caution and said it wouldn’t risk “meaningful stockholder capital in the space.” Now, it appears the company is making a full blown retreat from the crypto arena.