GameStop to shut down NFT wallet blaming crypto regulatory uncertainty

The closure is scheduled for November 1st, and GameStop cited the "regulatory uncertainty of the crypto space" as the reason behind the decision.

GameStop's NFT wallet, available as an iOS app and Chrome Extension, allowed users to store and manage their NFT collections.

The company is advising customers who have NFTs stored in the wallet to ensure they have access to their Secret Passphrase before October 1st. This passphrase is essential for customers to retrieve their NFTs using a compatible wallet even after the GameStop Wallet is discontinued.

The move comes just a year after GameStop made a significant investment in NFTs, aiming to capitalize on the growing trend of digital collectibles. Backed by a $100 million fund and partnerships with companies like Immutable X, the retailer was enthusiastic about embracing the potential of NFTs under the leadership of former CEO Matt Furlong.

However, GameStop's foray into NFTs faced challenges, including consumer backlash against the concept of NFTs and a turbulent partnership with the now-defunct FTX exchange. The retailer's cryptocurrency division reportedly experienced layoffs, and in December, GameStop scaled back its NFT marketplace efforts.