GameStop Eyes Incoming NFT Marketplace As Net Loss Widens

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Source: AdobeStock / JHVEPhoto

 

Following the mixed financial results for the first quarter of the fiscal year 2022, the video game retailer GameStop said that it is taking steps to upgrade its digital asset wallet, with plans to enable transactions on its designed GameStop non-fungible token (NFT) marketplace upon its intended launch in the second fiscal quarter.

GameStop’s digital asset wallet currently enables gamers and others to store, send, receive and use crypto and NFT across decentralized apps. Launching the company’s own NFT marketplace, of which a beta version is already available, could further expand GameStop’s share of this prospective market. 

NFT creators are eligible to sign up through this form ahead of the forthcoming launch.

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

“During Q1, we specifically focused on two main areas: continuing to rebuild and strengthen our commerce business after years of underinvestment, and pursuing growth opportunities in the cryptocurrency, NFT, and Web3 gaming protocols,” he said.

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

In the first quarter of the fiscal year 2022, which ended on April 30, the retailer reported net sales of some USD 1.378bn, an increase of 7.9% compared with USD 1.277bn posted in the preceding year’s first quarter, according to data from GameStop. 

At the same time, the US company’s operating loss reached USD 153.7m, which represented an almost fourfold increase compared with USD 40.8m in the first quarter of the fiscal year 2021.

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

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Learn more: 
– Immutable and GameStop to Launch an NFT Marketplace, $100M fund; IMX & GME Rise
– GameStop Unveils Crypto Wallet For NFT Marketplace

– GameStop Makes Its NFT Move Official – and Will Likely Use Ethereum
– GameStop’s Ethereum Wallet

– GameStop ‘Round 2’ Begins: GME Jumps on Another Roller-Coaster
– 3 Reasons Why WallStreetBets Army Is Back For New Gamestop Rally

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