Screenshot by Lance Whitney/CNET

Microsoft has officially decided to close down its PC Marketplace.

The company announced the news late Thursday, saying that on August 22, it will shutter the PC Marketplace platform. The move comes in conjunction with Microsoft's announcement earlier this year that it will ditch its virtual currency, Microsoft Points, in favor of local currency in an upcoming Xbox system update.

It's worth noting that Microsoft has not killed Games for Windows Live. Titles that gamers have already purchased through the PC Marketplace will remain available after August 22. According to Microsoft, this move means only that gamers won't be able to buy any other titles through its online Marketplace.

Since Microsoft is also killing its virtual currency, those who currently have Points on-hand should spend them before next Thursday. In a FAQ on its site, the company says after August 22 when you make a purchase or try to redeem points that it will "add to your account an amount of currency equal to or greater than the Marketplace value of your Microsoft Points, and your Microsoft Points will be retired." Once Microsoft Points is retired, the virtual currency cannot be used to purchase products.