HomeLatest FeedsTechnology NewsAnother tombstone of the NFT revolution: GameStop is no longer optimistic, the...

Another tombstone of the NFT revolution: GameStop is no longer optimistic, the store chain’s marketplace is closing – PCW

The virtual tokens did not do wonders for the accounting of the company struggling with financial problems either.

The spread of broadband internet has put many traditional business branches on two shoulders, including the trade of games sold on discs, one of the biggest victims of which is the 40-year-old GameStop store network. The company was once an invincible player in the market, but in recent years it has been struggling with serious financial problems due to the evaporation of customers.

That is why it seemed like a good idea for the management that they also jumped on the train at the peak of the NFT fever, at the beginning of 2022, and a they launched their own digital platform to trade tokens. However, the blockchain adventure did not live up to expectations, as the demand for NFTs even exceeded that of disc games collapsed more spectacularlyso now GameStop is also leaving the sinking ship.

THE Based on Decrypt’s report the company recently notified users in a pop-up message that it will cease operations of the NFT marketplace from February 2, which the operator justified by legal uncertainties surrounding cryptocurrencies based on the same technology.

This may also seem strange because bitcoin, which can be considered the flagship of cryptocurrencies, won a significant victory in the past few days, when the The US Securities and Exchange Commission approved a new form of trading in connection with virtual money, thoroughly fueled by the hopes surrounding the technology.

The decision itself, however, did not come completely unexpectedly, as GameStop canceled its cryptocurrency wallet, which was launched at the same time as the marketplace, four months ago, which suggested that the store chain was already backing away from dealing with tokens. By the way, the company jumped headfirst into the topic after it was one spontaneously organized online action a group of Redditors skyrocketed the price of GameStop shares, creating enormous publicity for the chain.

The closure of GameStop’s NFT market affects users to the extent that, after the curtain is pulled down, they will have to access their virtual goods stored on the blockchain through other platforms. And there are competitors, as not everyone has given up faith in tokens yet, a new player, for example Hiding behind the movie Ready Player One would make NFTs fashionable again.

I am a tech enthusiast, cinema lover, and news follower. and i loved to be stay updated with the latest tech trends and developments. With a passion for cyber security, I continuously seeks new knowledge and enjoys learning new things.


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