GameStop Announces The Closure Of Its NFT Marketplace In Early February
History repeats seems to be repeating itself as GameStop is once again fading into irrelevance following a brief moment in the spotlight in January 2021 when its stock prices skyrocketed thanks to a pump-and-dump trading scheme organized through Reddit. The video game retail chain also dipped its toes in the cryptocurrency market with the opening of its NFT Marketplace in July 2022.
GameStop’s stock value has plummeted since then and its foray into the world of cryptocurrency will soon be coming to an end as it announces the closure of the NFT Marketplace’s closure on February 2, citing regulatory uncertainties in the crypto market. It may also have something to do with the drop in value of most crypto coins over the past two years.
In any case, it looks like GameStop will be reverting back to its core business of selling video games which has yet to generate profit for the company since everything went digital.
GameStop’s fleeting rise to fame (or infamy) in 2021 has been immortalized in the 2023 film, Dumb Money, which will be making its way to Netflix this month and stars Paul Dano, Shailene Woodley, and Seth Rogen.
