In the cryptocurrency ecosystem, one thing that is very common these days has been companies pulling out of the industry for good and that is something that is a sign of concern for the entire ecosystem as businesses are one of the fundamentals of any sector, and if they are pulling out the there is something that is going on massively wrong and this is not just an example of a couple of businesses that have been a lot of such businesses who have either completely shut down the businesses or even look for opportunities in different parts of the world where they have not previously done business and leaving the place where they originated from.
There is a common factor behind most of these businesses taking this decision and that is the uncertainty that exists in the regulatory aspect of the cryptocurrency sector, there is an immense level of confusion among authorities as well and they are also not able to make it a clear picture as they are also not able to tell that how they are looking for the businesses to be operating within the sector what are the clear guidelines there is no such clarity as of now which is making the businesses vary quite a lot as they are facing a lot of lawsuits filed against them because of their activities going against what the authorities are looking for and at the same time it is quite a lot of confusion on what they are looking for in the activities of a business in the cryptocurrency sector.
The SEC or the Security Exchange Commission in the USA is one of the biggest authorities that has been continuously targeting a lot of cryptocurrency-based businesses and it has also sued a lot of big players in the market involving companies like Binance, and Coinbase among many others. This comes as a very big impact on the entire faith of business is on the system itself as they are not getting much clarity from the side of the authorities as well as the government which is making the small businesses or the ones which are not even that much influential or are willing to take a fight with the authorities are slowly pulling out of the market looking for opportunities as well even Binance has also done suspend quite a few of its services.
One of the most recent victims of the same thing has come out to be GameStop, they have now decided that they are going to be shorting down the NFT marketplace which indicates their complete withdrawal from the cryptocurrency ecosystem as previously they also shut down their Crypto wallet project as well and now the soul thing that they had or the thing that was making them involved with the cryptocurrency industry was there NFT market place.
In the statement that they have officially made they have cited the reason for continuous regularity uncertainties of the cryptocurrency ecosystem as the primary reason for this decision that they have made. This decision is something that a lot of other companies have also made in the last few months as it is very common as businesses are now looking to gradually exit from the cryptocurrency arena because of a similar aspect.
However, if we talk about GameStop's NFT marketplace place which was launched back in 2022 Halloween, it had the sole purpose of targeting the gaming community as it had a lot of gaming Assets and also made the partnership with ImmutableX completely focused on the gaming community and providing the best possible opportunities as well as the offerings that can be made to such consumers.
But even this decision to discontinue their project of the NFT Marketplace is not much of a shock to the people who are often engaged in such activities as NFT trading because the marketplace was also not having much of an impact on the overall and ft trading landscape has it had quite up a bit of a less impact. It was not that popular either because of which it is not that much of a shock. Still, surely it is also a decision that is taken because of the same as they were quite inactive for a few months which is the clear indication that day were not even interested in thinking of ways with which they can regain market as they were already quite wearing about the uncertainties that are existing in the cryptocurrency ecosystem at the moment.
The company has made it clear that the assets that people have in their wallets are going to have an option to sell their NFTs on alternate marketplaces as the aspects of NFT marketplaces are very simple as they are digital acids that are fundamentally Bean hosted on blockchain so it is not going to be something that is going to be just exclusive to a single platform so they are going to be able to sell their answers on different market places so that is not a point of a very for the consumers over already engaged in trading related activity on that particular platform.
It doesn't look that good as a lot of businesses are just stopping their operations based on a single factor that is also something which the authorities are completely focused upon making the that are about the cryptocurrency sector adjust a lot clearer than they are existing as right now which is only causing issues to a lot of businesses and making them take such decisions which is not going to be very helpful for the industry as an overall perspective if we look at it.
But it will be very interesting to see how the companies are going to be dealing with the situation as things may be looking different in a couple of years as the authorities may want to favor the businesses a bit and make the regulations of it more clear in the future but the same time if they don't then what is going to be the next move by the businesses are the just going to be keeping themselves shut down or they are going to be making themselves complain with the existing regulation that is pretty much unclear.
Find me on :
3Speak
LeoFinance
DTube
Instagram
Twitter
Cheers!
Sayu