It is time to bid farewell to your GameStop wallet which keeps your holdings of cryptocurrency and NFTs, as the company announced that it would no longer be available later this year. The company's wallet which grew massive back in 2022 is now ending its services, shortly only after a year since it first launched for the world to use.
However, in light of this, GameStop said that it will continue to sell NFTs on its marketplace, but it would not be via their services where it could be stored.
GameStop Ending Crypto, NFT Wallet Services
Venturing to the GameStop Wallet's website would greet customers and wallet owners with a banner notice atop its page saying that "GameStop Wallet support ends Nov. 1, 2023."
In the notice, GameStop claims that this was because of "regulatory uncertainty of the crypto space," leading to the company ending its services on the iOS and Chrome browser extension platforms.
However, there is still the Brave browser, but that is likely to see an end too.
The FTC and other regulators are recently cracking down on firms that offer crypto and NFT services, with Binance and Coinbase seeing massive problems last June.
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Transfer Your Assets Before November 1
GameStop also claimed that users need to transfer their assets to other wallets that are capable to store their holdings, may it be the cryptocurrencies or NFTs.
The Secret Passphrase is required to access this and users should already have its details on or before October 1, with a support website offering a guide on how to obtain it. At the height of all of this, Ars Technica claims that GameStop will continue to sell NFTs but users would need to find another wallet to store these.
GameStop and Cryptocurrency
When the world is getting into crypto, GameStop also joined in but at a later stage with its Beta Web3 Ethereum-based wallet via an integrated Chrome and Brave web browser extension. It was also in May 2022 that the company tapped into the digital assets of its online operations, shortly offering an iOS app after.
Online trends were massive at GameStop, as it is also known that it went in on a significant investment for its Share Sale Program, offering as much as $1 billion for the public to buy. Back in early 2021, the company sold its stocks and shares which joined the likes of the r/WallStreetBets fame and meme stocks found via Reddit.
With GameStop's dive into cryptos and NFTs, it was thought to be a massive development for the company in allowing the public to access the blockchain through its services. However, it is not entirely a successful one with GameStop, especially now as there are significant crackdowns from regulators for the likes of other companies like Binance and Coinbase.
