A few months after ending support of its NFT wallet, GameStop has announced it is closing down its NFT marketplace on February 2, 2024, signalling that maybe its over one year long tangent wasn't the best of ideas in the first place.
After the crypto craze caused some of the best graphics cards to surge in prices back in 2021 and part of 2022, NFTs seem to be just a footnote in internet history at this point. Despite creating a small team to run its gaming NFT department, GameStop is finally closing the virtual doors to its NFT marketplace. If you can't remember these virtual assets, here's our explainer on NFTs.
Announced via the GameStop NFT website, as spotted by Decrypt, the sinking ship of a company cites "continuing regulatory uncertainty of the crypto space" as the main cause behind it winding down the marketplace. This same excuse was used when the company announced the closing of its NFT wallet back in August 2023.
GameStop hasn't had an excellent few years, to say the least. It's been a victim of the internet, as ecommerce grows and kills off many big companies. GameStop, in an effort to stay relevant, decided to invest in the crypto craze back in 2021. Despite dwindling revenue, GameStop decided to double down on NFTs while also laying off upwards of 150 employees, including staff at Game Informer. However, as you can tell, it didn't go too well.
Customers unfortunate enough to have invested in GameStop NFTs can still use the marketplace until February 2, with any remaining NFTs still available on the blockchain and sellable elsewhere. After the date, you won't be able to create, sell, or buy NFTs on the GameStop NFT marketplace.
A few years ago, it seemed like NFTs were unstoppable, with every celebrity and company attempting to cash in on the craze. However, 2023 has been undoubtedly a killing blow on the trend, and hopefully, as the stragglers start dwindling away, NFTs will simply be a terrible, terrible footnote in our history.