Due to regulatory uncertainty: GameStop to shut down NFT market
"While we continue to believe that digital assets have long-term potential in gaming, we have not and will not risk meaningful shareholder capital in this space."
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GameStop to Discontinue Cryptocurrency Wallets
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GameStop, the video game retailer, recently announced its decision to cease supporting its GameStop cryptocurrency wallets, citing regulatory uncertainties in the US.
The company cited regulatory uncertainty in the United States as the reason behind this move.
The removal of its iOS and Chrome Extension wallets from the market is scheduled for November 1, 2023, although customers will still be able to access their wallets until October 1.
Initially, these wallets were introduced to enable users to manage cryptocurrencies and non-fungible tokens (NFTs) across decentralized apps and conduct transactions on GameStop's NFT marketplace.
However, after November 1, these wallets will no longer be available for use.
Cryptocurrency wallets have been a convenient tool for users to store and manage their digital assets like Bitcoin.
GameStop's decision to discontinue cryptocurrency wallets comes as the company faced challenges in the crypto space.
In December, the company had to lay off several software engineers who were working on the development and maintenance of its crypto wallet.
The move to remove the wallets was explained on GameStop's website: "Due to the regulatory uncertainty of the crypto space, GameStop has decided to remove its iOS and Chrome Extension wallets from the market on November 1, 2023."
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