GameStop, the popular gaming retailer, has announced that it will be phasing out its nonfungible token (NFT) marketplace next month due to regulatory uncertainty.
GameStop, the popular gaming retailer, has announced that it will be phasing out its nonfungible token (NFT) marketplace next month due to regulatory uncertainty. GameStop told users that they have just over two weeks remaining to use its NFT platform. However, the company assured NFT holders that the decision will not impact their NFTs, which will remain accessible and saleable through other platforms.
GameStop cited a lack of regulation as the reason for reducing their crypto initiatives, pointing out the “continuing regulatory uncertainty of the crypto space. ”The company is headquartered in the United States, where the regulatory landscape for cryptocurrencies remains uncertain.
Despite recent positive developments, such as the SEC's approval of spot Bitcoin ETFs, GameStop's decision reflects the challenges faced by companies operating in the crypto space. This move follows a series of reductions in crypto offerings from GameStop in recent years. In August 2023, the company recommended its customers to secure access to their "Secret PassPhrase" as it discontinued access to iOS and Chrome Extension wallets.
In December 2022, GameStop indicated that it would be moving away from its focus on crypto after posting a significant net loss in the third quarter and laying off staff from its digital assets department.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
