GameStop to terminate NFT market on February 2 due to cryptocurrency regulation

According to the latest news from php editor Apple, the world-renowned game retailer GameStop will close its NFT market on February 2. The move was allegedly due to cryptocurrency regulatory reasons. The NFT market is a digital asset trading platform that has emerged rapidly in recent years, and GameStop, as a well-known game retailer, has also joined the ranks of the NFT market. However, due to the uncertainty and risks of cryptocurrency regulation, GameStop decided to close its NFT market. This decision will have an important impact on the development of the global cryptocurrency and NFT markets, and has attracted widespread attention from the industry and investors.

GameStop recently announced the closure of the NFT market due to the uncertainty of the cryptocurrency regulatory environment. The decision is intended to ensure that the company complies with all applicable legal and regulatory requirements while reducing uncertainty related to cryptocurrencies.

GameStop emphasized that this decision does not affect the game retail business or the online market. The company remains committed to providing players with quality products and services.

It should be noted that GameStop closing its NFT market is just a reaction to the current cryptocurrency regulatory environment. As the cryptocurrency market further develops and changes, regulators may take additional measures to strengthen market regulations and ensure that consumers' interests are protected.

If you are interested in cryptocurrency, it is recommended to pay close attention to regulatory agencies and regulatory developments to understand market trends and opportunities. Always conduct adequate research and risk assessment before investing or trading.

#In February 2022, American video game retailer GameStop announced that it would cooperate with Immutable X, the Ethereum Layer 2 expansion solution, to jointly develop an NFT trading platform. The platform plans to be officially launched on Halloween 2022, and GameStop hopes to seize NFT business opportunities. This cooperation is considered an important step for GameStop to enter the field of digital art.

GameStop’s NFT market reached a trading volume of approximately $3.5 million in the last two days before going online, nearly doubling the historical trading volume of Coinbase’s NFT market. However, as the NFT craze subsided, the market gradually declined and gradually lost its competitiveness under the competition of other NFT trading markets.

GameStop recently announced that it will shut down its NFT market on February 2. The decision comes as regulatory uncertainty remains in the cryptocurrency space. Starting February 2, 2024, customers will not be able to buy, sell or create NFTs on the platform. However, customers' NFTs will still be stored on the blockchain and can be traded and sold through other platforms.

The Block reported that this news is unlikely to shock observers, because GameStop’s NFT market basically has no significant NFT trading volume, and its official X platform The account has also been inactive since September, but the move nonetheless marks a major turn in GameStop's strategy.

Gradually terminate the cryptocurrency business

Previously, GameStop had begun to gradually terminate its cryptocurrency business, including announcing in August last year that it would give up operating the Web3 wallet, and since November last year, it has removed its cryptocurrency business. The reason for extending wallets for iOS and Chrome is also "regulatory uncertainty."

In December 2022, after GameStop announced its financial report for the third quarter of 2022, showing a net loss of US$94.7 million for the quarter, GameStop stated that it would abandon its focus on cryptocurrency and target its digital asset division. Layoffs.

GameStop CEO Matt Furlong said at the time that while the company was optimistic about cryptocurrencies, he wanted to avoid putting investor funds at risk: Although we still believe that in the gaming world and the digital asset space The long-term potential exists, but we do not and will not risk significant shareholder capital in this area.

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