GameStop Removes Crypto Browser Extension Wallet: What Does This Mean For The NFT Marketplace?

In July of 2022, GameStop launched its NFT marketplace. Now, just over one year later, GameStop has decided to stop supporting its crypto extension wallet due to “regulatory uncertainty of the crypto space.” Why has the gaming company made this decision? Let’s take a closer look.

GameStop Pulls Support for Browser Extension Wallet

From November 1st, the iOS and Chrome Extension wallets will no longer be available. As such, users are advised to have access to their secret passphrases by October 1st. The wallets were first launched in May of 2022, allowing users to manage cryptocurrencies and NFTs.

The exact reasons behind the decision to discontinue the wallets are unclear. The announcement states ‘regulatory uncertainty’ but does not specify beyond that. However, given that GameStop is based in the United States, it may have been influenced by the ongoing legal actions taken by the SEC against crypto firms in the country. Many court cases involving blockchain companies and their executives are also still ongoing.

So, what does this mean for the GameStop NFT Marketplace? That remains unsure, but things are not looking good. In June of 2023, GameStop terminated CEO Matt Furlong. Furlong was key in the company’s expansion into NFTs. This decision demonstrates that GameStop may be rethinking it strategy, and shifting focus back to video games.

GameStop, a leading gaming retailer famous for its Wallstreetbets fame, launched its NFT marketplace on July 11th, 2022. The marketplace caters to its avid gaming generation. It allows users to trade art, in-game items, and more in the form of non-fungible tokens.

Initially starting with existing collectibles and digital artwork, it now supports various wallets, including its ‘Gamestop Wallet’ browser extension, soon to be removed. The platform’s partnership with Immutable X enables users to trade in-game items with zero percent gas fees and a carbon-neutral minting process. This collaboration also opens access to digital assets from projects like Gods Unchained and Illuvium. GameStop’s move into the NFT space aligns with its mission of empowering players, providing a dynamic platform for gaming enthusiasts to explore and exchange digital assets.

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