NFT market revenue declines rapidly, gaming giant GameStop announces exit

Gaming giant GameStop announced via a website banner that it will close its NFT market on February 2 due to "ongoing regulatory uncertainty in the crypto asset space"< /strong>.

For the same reason, GameStop removed support for NFT wallets in November last year.

Following social media platform X’s decision to terminate its NFT avatar feature last week, the trend of major companies losing interest in NFT continues.

GameStop began trying to establish an NFT market in May 2021, shortly after a short squeeze led by retail investors sent the company's stock price soaring.

GameStop launched in July 2022 and became a top ten market that summer, with trading volume reaching $6 million in the first two months.

However, this attraction was short-lived: In the past month, GameStop's website has received approximately $40,000 in visits.

As part of the past push for NFT, GameStop received funding from the game layer-2 Immutable and established a $100 million game NFT fund. GameStop sold a large number of tokens in this transaction.

GameStop has also been merged with layer-2 Loopring.

It is worth noting that Blockworks released a report this week stating that although NFT performance has declined in 2023, games are the future of NFT with a focus on practicality. A promising field. GameStop clearly disagrees.

On Wednesday, Austin-based gaming platform Nifty Island released a beta version of its open-world game. The game provides users with islands where users can play 3D effects of their own NFT characters.

Nifty Island is the latest Web3 game that attempts to bring practical functionality to NFTs: allowing NFT holders to port their collectibles into the metaverse.

Nifty Island co-founder Zunk said on X after the game's release: "It's like wearing your favorite shirt in the real world. In the same way as expressing yourself, or taking your lucky glove to play baseball with your friends, I think the same applies to gaming,We are on the cusp of a paradigm shift that will change the way we playthe game.”

Nifty Island's Web3 open-world game launches shortly after Warner Bros. Discovery backed the creation of a Ready Player One -style metaverse that was once home to Crypto A popular concept in gaming that has fallen somewhat out of favor lately.

An interesting data: Since the beginning of January, the price floor of Humpty Penguin NFT has almost doubled, reaching an all-time high, the bottom line is about $47,000 per NFT price.

Others worth noting: The heist movie "Lift" starring Kevin Hart was released on Netflix. The plot mainly involves a high-priced NFT seller.

In addition, Animoca Brands has partnered with Chess.com and world chess champion Magnus Carlsen to launch a chess strategy game called "Anichess".