GameStop Shuts Down NFT Marketplace Due to Regulatory Uncertainty

According to Decrypt, GameStop has decided to shut down its NFT marketplace due to the ongoing regulatory uncertainty in the crypto space. The platform, which supported gaming NFTs and other collectibles across Immutable X and Loopring, both Ethereum scaling networks, ceased operations on February 2. Despite the closure, the NFTs minted on blockchains can still be accessed and traded through other marketplaces. Four months ago, GameStop had also discontinued its NFT wallet for similar reasons. The company first signaled its interest in NFTs in 2021 and hired a 20-person team in January 2022 to oversee the gaming NFT marketplace. In collaboration with Immutable, GameStop established a $100 million fund in Immutable's IMX token. However, the company later cashed out $47 million worth of IMX tokens and laid off an undisclosed number of employees. The NFT marketplace was launched to the public in July 2022, and Immutable X gaming NFTs were added months later. The GameStop NFT Twitter account has not tweeted about the shutdown or posted any updates since September 2023.