GameStop has made the decision to close its non-fungible token (NFT) marketplace starting February 2. After this date, users will no longer have the ability to purchase, sell, or create NFTs using the platform.
The past year was filled with ups and downs for GameStop, as it gained attention as a meme stock and entered the world of NFTs. However, just 18 months after it was launched in 2022, the GameStop NFT marketplace is now being shut down.
For individuals who have bought an NFT through GameStop’s marketplace, it’s important to note that the NFTs will continue to exist on the blockchain even after the marketplace is closed. This means they will still be eligible for buying and selling on other platforms.
The complete statement on GameStop’s NFT website states:
“Important Update
GameStop has decided to wind down our NFT marketplace due to the continuing regulatory uncertainty of the crypto space.
Effective as of February 2, 2024, customers will no longer be able to buy, sell or create NFTs. Your NFTs are on the blockchain and will remain accessible and saleable through other platforms.”
This decision marks GameStop’s departure from both cryptocurrency and blockchain. As reported by Decrypt, GameStop previously cited regulatory uncertainty in the crypto space when it closed its crypto wallet four months ago.
The future of NFTs
A few years back, NFTs appeared to have immense potential. However, the market has encountered obstacles, and the future of NFTs now seems uncertain. The cryptocurrency space is grappling with changing regulations, and NFTs in particular have faced setbacks.
Logan Paul recently had to repurchase $2.3 million worth of ‘CryptoZoo’ NFTs due to a class-action lawsuit. Furthermore, Twitter/X has discontinued support for NFT profile pictures, which disappointed cryptocurrency enthusiasts.
Despite these challenges, or perhaps in response to them, the cryptocurrency industry spent a historic amount on lobbying in 2024, with the goal of streamlining the regulatory environment around cryptocurrency.
Featured image credit: Screenshot of GameStop NFT marketplace
