NFT market revenue declines rapidly, gaming giant GameStop announces exit

Source: Blockchain Knights

Gaming giant GameStop announced via a website banner that it will be closing its doors on February 2 due to "ongoing regulatory uncertainty in the Crypto asset space" NFT Marketplace.

For the same reason, GameStop removed support for NFT wallets in November last year.

Following social media platform X’s decision to terminate its NFT avatar feature last week, the trend of major companies losing interest in NFT continues.

GameStop began trying to establish an NFT market in May 2021, shortly after a short squeeze led by retail investors caused the company's stock price to surge.

GameStop launched in July 2022 and became a top ten market by the summer of that year, with trading volume reaching $6 million in the first two months.

However, this attraction was short-lived: In the past month, GameStop's website has received approximately $40,000 in visits.

As part of the past push for NFT, GameStop received funding from the game layer-2 Immutable and established a $100 million game NFT fund. GameStop sold a large number of tokens in this transaction.

GameStop has also been merged with layer-2 Loopring.

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It is worth noting that Blockworks released a report this week stating that despite the decline in NFT performance in 2023, games are a promising area for future NFTs that focus on practicality. GameStop clearly disagrees.

On Wednesday, Austin-based gaming platform Nifty Island released a beta version of its open-world game. The game provides users with islands where users can play 3D effects of their own NFT characters.

Nifty Island is the latest Web3 game, it attempts to bring practical functions to NFT: allowing NFT holders to transplant their collections into the metaverse.

Nifty Island co-founder Zunk said on Going to play baseball with friends, I think the same applies to gaming, we're on the cusp of a paradigm shift that's going to change the way we play."

Nifty Island's Web3 open world game is being developed by Warner Bros. It launches shortly after Brother Quest backed the creation of a Ready Player One-style metaverse, which was once a popular concept in Crypto games but has fallen somewhat out of favor recently.

An interesting data: Since the beginning of January, the price floor of Chunky Penguin NFT has almost doubled, reaching an all-time high, Each NFT price floor is about 47,000 Dollar.

Others worth noting: The heist movie "Lift" starring Kevin Hart was released on Netflix. The plot mainly involves a high-priced NFT seller.

In addition, Animoca Brands collaborated with Chess.com and world chess champion Magnus Carlsen to launch a chess strategy game called "Anichess".