GameStop gives up on its crypto and NFT wallet

Roughly one yr after its inception, GameStop has introduced that it’s going to discontinue its cryptocurrency and NFT wallet providers by the top of 2023.

A small be aware on the online game retailer’s wallet web site reads, “Due to the regulatory uncertainty of the crypto space, GameStop has decided to remove its iOS and Chrome Extension wallets from the market on November 1, 2023.” The change was first noticed by GameDeveloper, by way of iPhoneInCanada.

The wallet, which allowed customers to retailer, ship, and obtain varied cryptocurrencies, in addition to entry NFTs, was out there as an iOS app and a Chrome extension, and supported fashionable cash reminiscent of Bitcoin, Ethereum, Dogecoin, and GameStop’s personal GME token.

GameStop is advising customers to entry their wallet utilizing their secret phrase and switch their digital belongings to a unique digital wallet.

GameStop, being a online game retailer, pitched the wallet as a means for customers to retailer and switch their in-game NFTs. However, with NFTs failing, the enterprise didn’t make a lot sense for the retailer.

One of the problems that may have added to the choice was the shortage of readability and consistency within the crypto laws throughout totally different jurisdictions. Moreover, GameStop was additionally accused of promoting NFT video games with out the permission of the unique creators, elevating moral questions.

The choice to close down the wallet additionally coincides with the departure of some key executives from GameStop. GameStop CFO Diana Saadeh-Jajeh will resign from her place on August eleventh, and former CEO Matt Furlong was additionally let go from the corporate in June.

Source: GameDeveloper, by way of: iPhoneInCanada