GameStop’s NFT Marketplace Closes Next Month
GameStop is closing its NFT marketplace on February 2, 2024, almost two years to the day after it was announced on February 3, 2022.
As reported by Decrypt, the marketplace will be shut down due to what GameStop described as NFT and cryptocurrency “uncertainty”. The closure seemed inevitable after the retailer shut down its crypto wallet in August 2023.
“GameStop has decided to wind down our NFT marketplace due to the continuing regulatory uncertainty of the crypto space,” a post on its website reads.
GameStop’s expansion into crypto began in January 2022 when it hired upwards of 20 staff members to run an NFT division. The company, most known for its retail stores in the U.S., is regularly seeking new business ventures after struggling in the physical gaming space in recent years.
The NFT marketplace closure was on the cards after GameStop revealed plans to reduce its focus on the industry back in December 2022, less than a year after it entered the NFT business.
Former CFO Diana Saadeh-Jajeh — who described herself as a “decision maker for key business strategies including NFT, digital wallet, and crypto initiatives” at GameStop — also resigned in August 2022.
Ryan Dinsdale is an IGN freelance reporter. He’ll talk about The Witcher all day.
