Published , by Asif Khan
Published , by Asif Khan
GameStop has quietly announce the closure of the company's NFT Marketplace. The online cryptocurrency-based store will shutter on February 2, 2024.
The company announced the upcoming closure on the NFT Marketplace website. "
GameStop has decided to wind down our NFT marketplace due to the continuing regulatory uncertainty of the crypto space.
Effective as of February 2, 2024, customers will no longer be able to buy, sell or create NFTs. Your NFTs are on the blockchain and will remain accessible and saleable through other platforms.
Tonight's news of GameStop's NFT Marketplace closing down should not come as a surprise to anyone paying attention to the NFT space. The market for monkey pictures has crashed sinced the mania of 2021. GameStop had already shutdown the crypto Wallet project, so shuttering the NFT storefront is the next logical step. The company cites "continuing regulatory uncertainty of the crypto space" as the reason for the NFT Marketplace's closure. Custoerms will no longer be able to buy, sell, or create NFTs, but existing NFTs will remain accessible and saleable on other platforms.
This is undoubtedly a blow to many GameStop shareholders heading into the third anniversary of Wall Street brokers, dealers, and market makers shutting off the buy button on GME shares. The GameStop NFT Marketplace didn't even last two full years, and many analysts are uncertain about where CEO Ryan Cohen's latest Investment Policy pivot will lead the company.
GameStop's stock is down over 87% since hitting an all-time high of $120.75/share in January 2021, and while the company's board of directors was smart enough to raise cash and pay off its long-term debts, a concrete turnaround plan has yet to completely materialize.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.
Full Disclosure:
At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:
Long GameStop via GME shares
Long GameStop via GME call options