GameStop has decided to exit the non-fungible token (NFT) market, citing ongoing regulatory uncertainties in the cryptocurrency space. According to an update on its GameStop NFT website, the company revealed its decision to wind down the NFT marketplace, effective February 2, 2024.
Starting from the specified date, customers will no longer have the ability to buy, sell, or create NFTs on the platform. GameStop assured users that their NFTs, stored on the blockchain, will remain accessible and tradable through alternative platforms.
GameStop initially introduced its NFT marketplace in July 2022, aiming to provide a platform for gamers, creators, and collectors to engage in the buying, selling, and trading of digital art collectibles. The marketplace allowed users to connect their digital asset wallets, providing ownership and security through blockchain technology.
In May 2022, GameStop entered the NFT and cryptocurrency space by launching a digital asset wallet. This wallet facilitated the sending, receiving, and use of cryptocurrencies and NFTs on various decentralized apps without leaving web browsers.
This decision to wind down the NFT marketplace follows GameStop’s previous announcement on August 1, 2023, that it would end support for its digital asset wallet on November 1 of the same year. The company attributed both decisions to the regulatory uncertainty surrounding the crypto space.
Despite the closure of its NFT endeavors, GameStop may be exploring new investment opportunities. Recent reports indicate that the company’s board of directors approved a new investment policy, allowing CEO Ryan Cohen and the management team to invest in equity securities and other ventures. This marks a departure from the previous policy, which limited GameStop to investment-grade short-term income securities when investing excess cash.
