GameStop eyes inbound NFT market as net loss widens

Source: AdobeStock / JHVEPhoto

Following mixed financial results for the first quarter of fiscal 2022, the video game distributor GameStop said that it is taking steps to upgrade its portfolio of digital assets, with plans to enable transactions on its non-fungible token (NFT) marketplace GameStop when it launches in the second fiscal quarter.

GameStop’s digital asset wallet currently allows gamers and others to store, send, receive, and use crypto and NFT in decentralized applications. The launch of the company’s own NFT Marketplace, a beta version of which is already available, could further increase GameStop’s share of this potential market.

NFT creators can sign up through this form before the next launch.

Speaking on the first quarter earnings call, GameStop CEO Matt Furlong said the retailer was committed to launching new products aligned with the long-term future of gaming.

“During the first quarter, we specifically focused on two main areas: continuing to rebuild and strengthen our commerce business after years of underinvestment, and seeking growth opportunities in cryptocurrency gaming protocols, NFT and Web3,” he said.

The retailer announced mixed financial results for the first quarter, partly boosted by the sale of IMX tokens it had obtained from its partner, the scaling solution provider NFT. Immutable.

In the first quarter of fiscal 2022, which ended April 30, the retailer recorded net sales of approximately $1.378 billion, an increase of 7.9% from the $1.277 billion recorded in the first quarter of the previous year, according to GameStop data. .

Meanwhile, the US company’s operating loss reached $153.7 million, representing a nearly four-fold increase from $40.8 million in the first quarter of fiscal 2021.

GameStop also said the previous quarter allowed it to continue hiring people with experience in areas such as blockchain gaming, among others.

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Learn more:
– Immutable and GameStop to launch an NFT marketplace, $100 million fund; Rise of IMX and GME
– GameStop unveils a crypto wallet for the NFT market

– GameStop makes its NFT move official – and will likely use Ethereum
– Ethereum Wallet from GameStop

– GameStop ‘Round 2’ Begins: GME jumps on another roller-coaster
– 3 reasons why WallStreetBets Army is back for another Gamestop rally

Ann J. Cox