Retail Gaming Giant GameStop Pulls the Plug on NFT Marketplace

• The platform will stop functioning as of February 2, 2024.
• This does not affect the accessibility or trading of the NFTs that are minted on blockchains.

Having launched its NFT marketplace about fifteen months ago, publicly listed video game retailer GameStop has chosen to say goodbye to it. Unfortunately, GameStop will no longer be supporting the marketplace that lets users buy and sell gaming NFTs and other collectibles on Loopring and Immutable X.

A message on the marketplace’s website stated:

“GameStop has opted to conclude operations of our NFT marketplace, citing ongoing regulatory uncertainties in the crypto space.”

NFT Sector Crisis Continues

The platform will stop functioning as of February 2, 2024. The analytics company DappRadar has deleted GameStop NFT marketplace information from its listings.

However, this does not affect the accessibility or trading of the NFTs that are minted on the blockchains. Optimistic waves propelled GameStop’s stock price to new heights in the early 2021 bull run, catapulting the company into the public eye.

September 2022 was the first month that the platform was introduced. It’s worth mentioning that the GameStop NFT Twitter account has been offline since September 2023 and has not released any information about its shutdown.

Initially dropping hints about its intentions to enter the NFT industry in 2021, GameStop was actively pursuing this opportunity. Afterwards, in January 2022, the business put together a specialized team of twenty people to oversee its NFT marketplace.

Also,A month down the road, GameStop let slip the news of its collaboration with Immutable, exposing its plans to use Immutable X’s blockchain. However, amidst the sluggish performance of the NFT sector as a whole, the retailer has taken a bold step to shut down its NFT marketplace.

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