GameStop has decided to discontinue its crypto wallet just a year after its launch. Post posted Online company this week, says that GameStop Wallet will stop working after November 1st. The retailer explains its decision by “the unpredictability of regulation in the field of cryptocurrencies.”
The iOS and Chrome Extension wallets advertised as “self-sufficient Ethereum wallet” will be removed on November 1st. The retailer recommends that its customers gain access to recover their NFTs by October 1st.
Like many companies in 2021 and 2022, GameStop has heavily invested in NFTs, looking to “print money” through the sale of digital collectibles. With a $100 million fund at its disposal (in partnership with Immutable X) to incentivize developers, the retailer has been aggressively moving towards the Web3 future under the leadership of CEO Matt Furlong.
However, the efforts were in vain due to the growing dissatisfaction of NFT consumers. The retailer entered into an unsuccessful partnership last September with the fraudulent FTX, which was terminated two months after the exchange went bankrupt.
In December, GameStop announced additional layoffs, with the cryptocurrency division taking the biggest hit. The company simultaneously pulled away from its NFT market, with Furlong assuring investors that they were “proactively minimizing exposure in the crypto sector.” Furlong was fired from his post in June.
2023-08-06 13:00:00
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