Oh dear, GameStop has announced the closure of its NFT marketplace

GameStop has announced that it will be shutting down its NFT marketplace after initially launching in July 2022.

According to Decrypt (thanks to VGC), starting February 2nd, 2024, GameStop will no longer allow users to purchase, sell, or create NFTs. According to GameStop, the ongoing regulatory uncertainty surrounding the crypto industry is the driving force behind this decision.

It’s quite a significant shift for the company to distance itself from cryptocurrency, especially considering its previous strong support for the idea. In 2023, due to declining revenue and a significant drop in the share price, CEO Matthew Furlong was let go. Soon after, GameStop discontinued its support for its cryptocurrency wallet.

https://x.com/loopringorg/status/1745888608370749838?s=20

It appears that NFTs are losing popularity. However, it seems that while some companies like Sega are becoming less interested in the concept, others, such as Square Enix and even The Pokémon Company, are still fully committed.

Just a quick reminder: NFTs are digital identifiers stored via blockchains that give users full ownership of digital content. The technology experienced a significant surge in popularity during 2020 and 2021. However, a report in 2023 revealed that approximately 95% of NFTs held no market value, making them essentially worthless. What a disappointment.