Home News GameStop to Terminate Its NFT Wallet in November

GameStop to Terminate Its NFT Wallet in November

by admin
GameStop NFT Wallet Closure

GameStop has announced it will cease its crypto wallet operations just a year after its launch. The company issued a warning on its website earlier this week (source: Game Developer), revealing that GameStop Wallet will be discontinued after November 1st, citing “regulatory uncertainty of the crypto space” as the reason for this decision.

The self-custodial Ethereum wallet, available via the retailer’s iOS and Chrome Extension, will be deactivated on November 1st. The company advised its users to secure their Secret Passphrase by October 1st to ensure they can recover their NFTs. GameStop stated that any customer with their Secret Passphrase can restore their account in any compatible wallet.

In line with numerous other firms in 2021 and 2022, GameStop made significant investments in NFTs, hoping to monetize through digital collectible sales. The company’s aggressive push for a Web3 future, backed by a $100 million fund (in partnership with Immutable X) for developer incentives, was spearheaded by then-CEO Matt Furlong.

However, this venture faltered as the public sentiment soured towards nonfungible tokens. Last September, GameStop entered an ill-conceived alliance with the now-defunct FTX, only to end the partnership two months later following the exchange’s demise. Additional layoffs were announced by GameStop in December, with the cryptocurrency division being the most severely impacted, as reported by Axios. As a result, the company retreated from its NFT marketplace, with Furlong assuring investors that they had “proactively minimized exposure to cryptocurrency.” Despite this, he hinted at a continued belief in the long-term potential of “digital assets in the gaming world.” Furlong was ousted from the company in June.

Frequently Asked Questions (FAQs) about GameStop NFT Wallet Closure

When is GameStop planning to discontinue its NFT Wallet?

GameStop plans to terminate its NFT Wallet after November 1st.

What was the reason for GameStop’s decision to shut down its NFT Wallet?

GameStop cited the regulatory uncertainty in the cryptocurrency space as the main reason for its decision to shut down the NFT Wallet.

What does GameStop recommend its customers to do before the NFT Wallet is discontinued?

GameStop recommends its customers to secure their Secret Passphrase by October 1st. With the Secret Passphrase, they can recover their NFTs and restore their accounts in any compatible wallet.

Did GameStop face any backlash for its involvement in NFTs?

Yes, GameStop faced consumer backlash towards nonfungible tokens, which, along with the failure of strategic partnerships and regulatory uncertainties, contributed to its decision to discontinue the NFT Wallet.

What happened to GameStop’s partnership with FTX?

The partnership between GameStop and FTX, formed in September, was terminated two months later following the collapse of the FTX exchange.

Who was leading GameStop’s venture into NFTs and what happened to him?

GameStop’s venture into NFTs was led by then-CEO Matt Furlong. However, he was ousted from the company in June.

More about GameStop NFT Wallet Closure

You may also like


NFTfan21 August 4, 2023 - 10:37 pm

Furlong really dropped the ball on this one, didn’t he… Can’t believe I invested so much in these collectibles.

FutureBets August 4, 2023 - 11:09 pm

The crypto market can be brutal, but it’s still the future. Gamestop was just not prepared to handle it, better luck next time guys!

JoeGamer August 5, 2023 - 6:49 am

Wow, another one bites the dust, eh? Guess NFTs weren’t the golden ticket for GameStop, who’d have thunk it?

MissyEther August 5, 2023 - 7:14 am

So they really shut down the wallet huh? got my secret passphrase ready, hope transferring my NFTs goes smoothly…

CryptoMaster August 5, 2023 - 1:52 pm

Regulatory uncertainty, lol. Just another excuse for poor business decisions and lack of strategic planning. We all saw this coming from miles away!


Leave a Comment