GameStop is ending its support of its cryptocurrency and NFT wallet later this year. The games retailer, which all EB Games locations rebranded to in Canada, will begin this process in November.
GameStop is opting to shutter its support of crypto and NFTs due to “regulatory uncertainty of the crypto space.” First spotted by GameDeveloper, the GameStop Wallet website now states that active users of the iOS and Chrome Extension wallets can still gain access by October 1st by using their ‘Secret Passphase’ and recover their account using another compatible wallet.
Gamestop first entered the crypto realm in May of last year with the launch of its own crypto wallet. It’s journey into the NFT space was designed as a way to create a one-stop-shop to trade collectible assets and use decentralized apps on the blockchain.
The company also faced backlash from customers as the NFT storefront was claimed to be sorely lacking. Gamestop also got into a bit of hot water when it was discovered that the company was selling NFT games without the creator’s permission.
Last week, GameStop CFO Diana Saadeh-Jajeh resigned from her position. Former CEO Matt Furlong was also let go from the company recently. It’s been heavily assumed both former members of the company pushed to have crypto incentives in place.
GameStop is now another video-game-centric company to have gotten eagerly pulled into the crypto space quickly without analyzing legal and regulatory risks. Additionally, many other companies in the gaming space, including Square Enix, Ubisoft, etc. have all faced similar pushback from consumers.
