GameStop Is Closing Its NFT Marketplace

GameStop (NYSE: GME) is throwing in the towel for its NFT Marketplace just a little over a year and a half into its launch.

“GameStop has decided to wind down our NFT marketplace due to the continuing regulatory uncertainty of the crypto space,” a post on the marketplace’s website reads. Many were not surprised as GameStop killed its crypto wallet about four months earlier, also citing “regulatory uncertainty.”

In January 2022, the company hired over 20 new staff members to run its NFT division, marking its entry into the crypto space. In July of that year, GameStop launched its NFT Marketplace but behind the scenes, they cut an undisclosed number of jobs. 

Around the same time, the company also lost two executives leading its expansion into crypto: they fired CEO Matt Furlong in June, while CFO Diana Saadeh-Jajeh left in July, less than 12 months into the job.


Information for this story was found via Decrypt, IGN, CNN, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

SEC Starts Investigation On Melvin Capital For The GameStop Short Squeeze

Already closed shop and planning to return money to its investors, hedge fund firm Melvin...

Friday, August 12, 2022, 03:40:00 PM

Market Manipulation: How It Works.

“Market manipulation?” You want market manipulation? I’ll give you market manipulation. There are two main...

Friday, January 29, 2021, 10:29:00 AM

RFK Jr. Invests $24,000 in GameStop, Courting Meme Stock Investors

Independent presidential candidate Robert F. Kennedy Jr. wants to win over all the anti-establishment voters....

Wednesday, May 22, 2024, 11:41:00 AM

GameStop Appoints Ryan Cohen As CEO

GameStop (NYSE: GME) has slightly shaken up its management team, appointing Ryan Cohen, the firms...

Thursday, September 28, 2023, 08:47:31 AM

‘The Big Short’ Michael Burry Receives Subpoena from SEC Over GameStop

‘The Big Short’ Michael Burry, who has captivated audiences not only with is successful bet...

Sunday, September 26, 2021, 02:51:00 PM