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GameStop Corp., a US-based American video game, consumer electronics, and gaming merchandise retailer, appeared to have retreated from the crypto and blockchain space after confirming its plans to shut down its non-fungible token (NFT) marketplace.
GameStop revealed its plans to suspend its NFT marketplace operations, which may take effect on Feb. 2. The company informed its users about this through a pop-up message on its digital asset marketplace’s website.
Reason for the Shutdown
As per Crypto.news, GameStop stated on the notice that existing NFT holders will still have access to their assets via other NFT platforms. However, their ability to mint or carry out transactions in the main GameStop NFT Marketplace will no longer be available as this will be discontinued.
The company explained that its decision to cease its NFT marketplace operations was due to regulatory issues in the industry. Part of the notice reads, “GameStop has decided to wind down our NFT marketplace due to the continuing regulatory uncertainty of the crypto space.”
In any case, it was reported that this decision is the latest indication of GameStop’s shift in strategy for its business. It also shows that it is now attempting to move away and distance itself from NFTs and crypto due to the investment risks. It was also noted that the significant decline in its NFT market pushed GameStop to shut it down.
The NFT Market is Shifting
GameStop’s decision to discontinue its NFT marketplace goes along with the broader trend in the crypto sector, marked by a notable decrease in trading volumes. Based on the reports, the non-fungible token market faced a substantial decline, with monthly trading activities plunging more than 97% from their peak, according to Cryptopolitan.
Lastly, the company’s exit happened at a time when the digital asset market was going through significant shifts. It was once a booming industry and is now struggling - with interest and trading volumes decreasing. This is why GameStop is now taking a more cautious approach in its next step in the business.
Photo by: Clay Banks/Unsplash
