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GameStop announced that it has closed its NFT marketplace. In a statement posted on the site, the company cited “ongoing regulatory uncertainty in the crypto space” as the reason for the closure.
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The marketplace officially launched on Halloween 2022 and focused on gaming assets in partnership with ImmutableX.
This development marks GameStop’s exit from the crypto space, following the company’s decision to cancel its crypto wallet in August of last year. The message on the website states that customers can sell their NFTs on other marketplaces because digital assets are stored on the blockchain, not on any one storefront.
However, it is unlikely that this news will shock observers, as GameStop’s NFT marketplace failed to make a major impact on NFT trading volumes. The marketplace’s Twitter account has also been inactive since September of last year. Still, this move marks a significant turn for the company, which was trying to rally retail investor fans by entering Web3 in 2022.
Marketplace Launch
In the midst of a decline in video game stores, GameStop has made a new move. The company officially launched its long-in-the-works NFT marketplace.
The marketplace will offer assets for Immutable X games such as Gods Unchained, Guild of Guardians, and Illuvium, in addition to other Web3 games. All transactions will be free.
Immutable, the company behind Immutable X, partnered with GameStop in February of last year with the goal of creating a gaming-focused NFT marketplace. Immutable was valued at $2.5 billion in March of last year.