GameStop Shuts Down NFT Platform Citing 'Continuing Regulatory Uncertainty'

GameStop Corp GME is shutting down its NFT marketplace about a year and a half after its launch.

According to Decrypt, the platform supported gaming NFTs and collectibles on Ethereum scaling networks Immutable X and Loopring. Citing "continuing regulatory uncertainty of the crypto space," GameStop announced the marketplace's closure, effective Feb. 2, 2024.

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Despite the shutdown, previously minted NFTs on blockchains remain accessible and can be traded on other platforms. This move follows GameStop's decision four months earlier to terminate its NFT wallet, also attributed to regulatory uncertainty. The staggered departure from the crypto space was not explained.

In January 2022, GameStop entered the cryptocurrency space by hiring a team of over 20 for its NFT division. Known for its U.S. retail stores, the company has been exploring new ventures amid struggles in the physical gaming sector.

The closure of the NFT marketplace was anticipated, as GameStop announced plans to reduce its focus on the industry in December 2022, less than a year after entering the NFT business.

In August 2022, the company's former CFO, Diana Saadeh-Jajeh, resigned, coinciding with a reevaluation of GameStop's involvement in crypto initiatives.

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GameStop did not immediately respond to Benzinga's request for comment.

Image credits: TY Lim on Shutterstock.