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.

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