GameStop, citing “regulatory uncertainty,” winds down its crypto and NFT wallet

Enlarge / An artifact from an earlier time in GameStop's crypto enthusiasm, the launch of its NFT marketplace in July 2022. (credit: GameStop)

GameStop will still sell you NFTs, but you now have to store and secure them yourself. The game store is ending the wallet app it offered for iOS devices and Chrome browsers as of November 1 and is telling customers to double-check their "Secret Passphrase."

GameStop's notice at the top of its wallet page and other crypto-related sub-sites cites "the regulatory uncertainty of the crypto space" for the removal of its wallet extension and app. The Securities and Exchange Commission sued Binance and Coinbase in June, citing the exchanges' failure to provide protections for customers, keep records, and accept inspection by the SEC.

As noted by Game Developer, though, the decision may have been in the works before that. December 2022 layoffs at GameStop heavily impacted the team working on the Ethereum-based blockchain wallet.