After showing interest in non-fungible tokens (NFTs) over the last three years, GameStop has announced that it is abandoning its NFT marketplace. In recent years, GameStop has struggled to run a profitable business. It has laid off several employees and closed multiple branches in European countries. In this article, we take a look at the rise and fall of the GameStop NFT marketplace.
April 2021 – GameStop Looks to Hire Blockchain Analyst
In April 2021, Gamestop announced that it was looking to hire a blockchain security analyst. That move suggested the game retailer was planning to push further into NFTs. At the time, a blockchain recruiter told news platform Decrypt that GameStop was looking to roll out something “serious,” given the job title.
May 2021 – GameStop Rolls Out Mysterious Website
Gamestop launched a minimalistic website in May 2021 for interested candidates to apply for blockchain-related jobs. On the website, there was a link to the game retailer’s crypto address, which had received a Gods Unchained NFT.
January 2022 – GameStop Reveals a Blockchain Division
At the start of 2022, GameStop reported hiring over 20 employees to help the company realize its NFT plans. The game retailer then launched a blockchain division. These developments caused GameStop’s shares to surge 32%.
February 2022 – GameStop Partners With Immutable
In February 2022, GameStop revealed it had partnered with blockchain startup Immutable to offer a $100 million grant fund to developers planning to build projects on the Immutable X blockchain and launch their non-fungible tokens with GameStop.
GameStop also announced that it would build its NFT marketplace on Immutable.
March 2022 – GameStop Cashes in IMX Worth $47 million
In a negative turn of events, game retailer GameStop caused IMX’s value to plunge 23% within 24 hours as it cashed in its IMX holdings worth $47 million.
May 2022 – GameStop launches NFT Wallet and Twitter Account
In May 2022, GameStop launched a Twitter account to promote its NFT ambition. On the account’s bio, the following statement could be seen: “Public and permissionless blockchains give power to gamers.” That month, GameStop rolled out an NFT wallet and tweeted about various upgrades it had made to the tool throughout 2022.
July 2022 – GameStop Launches Its NFT Marketplace
Just a month after laying off several employees and firing its CFO, GameStop rolled out the beta version of its most awaited NFT marketplace in July 2022. To list NFTs, creators were required to file applications.
Within two days after the launch, the GameStop NFT marketplace had processed $3.5 million worth of NFT trades. Notably, the trading volume exceeded that of Coinbase NFT.
October 2022 – GameStop NFT Marketplace Adds Gaming NFTs
After operating for three months, the GameStop NFT marketplace announced it would support gaming NFTs built on Immutable X. NFTs from games such as Guild of Guardians, Gods Unchained, and Illuvium were listed on the platform.
In late October 2022, GameStop released an iOS-supported NFT wallet to further its blockchain plans. The wallet was available for download on the App Store.
March 2023 – GameStop Files a Document With the SEC
Last March, GameStop told the US Securities and Exchange Commission in a filing that its digital asset product (NFT marketplace) was exposing the firm to new risks and may not achieve its desired results.
June 2023 – GameStop CEO Fired
In June 2023, the person who pushed GameStop into the blockchain space was fired nearly a year after launching the NFT marketplace.
August 2023 – GameStop Abandons NFT Wallet
Last August, GameStop announced the discontinuation of its NFT wallet, citing regulatory uncertainty within the crypto world.
September 2023 – GameStop’s NFT Twitter Account Becomes Inactive
The Twitter account that GamesStop created to promote its NFT plans went silent in September 2023. It’s not clear if those who were in charge of posting updates on the account have been fired or reassigned to other roles.
December 2023 – GameStop Announces Minimal Revenue From NFTs
Last month, GameStop reported only making $2.8 million in revenue from selling NFTs in the 2023 fourth quarter. By comparison, the game retailer earned $77.4 million during the same period in 2022.
January 2024 – GameStop Announces Closure of Its NFT Marketplace
A week ago, a message started popping up on the GameStop NFT Marketplace indicating that the platform would shut down on February 2nd.
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