Nintendo has revealed that its retro-focused Virtual Console service will not be ready for the Nintendo Switch launch. The company has stated that it will share more information on this service "in the future".

In slightly better news, Nintendo has also revealed that funds currently held on 3DS and Wii U consoles can be carried over to the Switch and spent on the new eShop, which will launch alongside the console on March 3rd. A system update will be required to activate the eShop.

Here's the official update, straight from Nintendo itself:

+ People who already have funds in their accounts on a Nintendo 3DS family system and/or Wii U can access them using a shared wallet that works on Nintendo Switch as well. Once they link their Nintendo Network ID and Nintendo Account and then their Nintendo Account to their Nintendo Switch console, this functionality becomes possible.
+ Virtual Console games will not be available on Nintendo Switch at launch. We will share more information in the future.
+ A News feature will offer updates about the latest additions to Nintendo eShop, as well as providing information about upcoming games and other updates from Nintendo.
+ To access Nintendo eShop, a system update is required that will be available on launch day. The system update downloads in the background, is designed to install quickly, and doesn't disrupt gameplay.

Nintendo has also confirmed that it will be broadcasting a special Nindies Showcase presentation on February 28th.