GameStop shuts down its NFT platform
GameStop shuts down its NFT platform
US video game retailer GameStop has announced the closure of its NFT platform, which supported in-game non-fungible tokens and other collectibles through Immutable X and Loopring.
"GameStop has made the decision to close its NFT trading platform due to ongoing regulatory uncertainty in the crypto space," GameStop said in a statement.
The video game retailer indicated that the NFT platform will be shut down on February 2 this year. However, GameStop stressed that since NFTs are created on blockchains, their owners can access them or sell them on any other platform.
GameStop had previously announced that it was ending support for its NFT wallet for the same reason, Decrypt reported. Many NFT marketers are still lost in speculation as to why GameStop didn't discontinue both products at the same time.
GameStop has announced its plans to enter the NFT market in 2021. As a result, in January 2022, the company assembled a 20-person team to manage its NFT game marketplace. A month later, GameStop partnered with Immutable to use its Immutable X blockchain, which runs on scalable Ethereum networks.
At the same time, the retailer created a $100 million fund denominated in Immutable IMX tokens but later liquidated a significant portion of the newly acquired IMX tokens, releasing $47 million into the market.
GameStop launched its NFT trading platform for public access in mid-2022. However, the appearance of Immutable X gaming NFTs on the market came just a few months after the launch of the platform and after the firing of the CEO who oversaw the promotion of the cryptocurrency.
It's worth noting that the official GameStop NFT in X (Twitter) page does not mention the platform's closure. The last post on it is dated September 2023.
Read also: Michael Saylor urges retail crypto asset holders not to sell BTC
