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Due to regulatory uncertainty: GameStop to shut down NFT market
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GameStop's decision to close its NFT marketplace follows a series of cuts to its crypto services over the past two years.
Games retailer GameStop has warned its users that it will phase out its non-fungible token (NFT) market next month due to regulatory uncertainty.
GameStop informed users in a statement on its website that they have just over two weeks left to access its NFT platform. However, the company assured NFT holders that the decision to further scale back its relationship with cryptocurrencies will not affect their NFTs.
" Starting February 2, 2024, customers will no longer be able to buy, sell, or create NFTs. Your NFTs live on the blockchain and can be purchased via Access and sales continue on other platforms."The gaming company cited a lack of regulation as the reason for further reductions in its cryptocurrency services.
The statement stated: "Due to continued regulatory uncertainty in the cryptocurrency space, GameStop has decided to close our NFT market."
GameStop, however, is headquartered in the United States. While many leaders in the cryptocurrency industry have advocated for greater regulatory transparency, the U.S. Securities and Exchange Commission’s (SEC) recent decision to approve 11 spot Bitcoin exchange-traded funds (ETFs) is seen as regulators becoming more clear Positive signs. Be willing to accept further regulation in this area.
Today’s approval of a spot Bitcoin ETF marks a historic milestone for the future of the digital asset ecosystem.
While action to provide clarity and certainty for digital assets remains necessary, the steps taken today are a significant improvement in enforcement oversight.
This follows a series of reductions in cryptocurrency offerings by the gaming company in recent years.
In August 2023, Cointelegraph reported that GameStop advised its customers to secure access to its Secret PassPhrase as it would cease access to iOS and Chrome extension wallets.
The year before, in December 2022, GameStop said it had a net loss of $94.7 million in the third quarter It will abandon its focus on cryptocurrencies after cutting staff in its digital assets division.
GameStop CEO Matt Furlong explained that while the company is optimistic about cryptocurrencies, he wants to avoid putting investor funds at risk.
"While we continue to believe that digital assets have long-term potential in the gaming space, we have not and will not risk meaningful shareholder capital in this space."Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG
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