GameStop Retreats from NFT Space, Ending Support for Wallet

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Recently, GameStop announced the scrap of its own proprietary crypto wallet to be implemented on its NFT marketplace. The wallet’s debut was just in May 2022, but recent regulators and SEC policy had stressed GameStop’s financial standing, worrying investors. Consequently, the retailer had been publicly hinting about this discontinuation since last May, when the NFT marketplace was launched. It is this May public launch that had caused disappointment to customers, but this will reach its climax this November, as support for the wallet (including the iOS, mobile apps, and Google Chrome browser extensions) will end.

Unluckily for crypto investors, the SEC and their chairwoman, stubborn on clarifying regulatory policy, continues to be a burden. This general regulatory interference failing has led to big internal changes for the company, including a dry on commitments and the layoff of many employees, some working on the crypto wallet. The inconvenient has done that GameStop aims to keep distant from the NFT and crypto arenas.

GameStop’s route is indicative of the difficulties embedded when integrating digital assets and warrant good considerations of financial commitment, despite leading the vanguard in these new technologies.

Robert Wilson author
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