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GameStop Focuses on NFT Marketplace Launch After Q4 Loss -Breaking

by Mike Robinson

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© Reuters GameStop Focuses on NFT Marketplace Launch After Q4 Loss
  • GameStop’s (NYSE:) hopes to rebound after its fourth quarter loss with the launch of its eagerly awaited Web3 gaming platform and NFT market.
  • GameStop has partnered up with Immutable X (a scaling solution) to develop a NFT marketplace.
  • GameStop claims that the Immutable X NFT Marketplace deal will bring in $150 million of IMX tokens.

After suffering a loss of $147.5 million during the fourth quarter 2021, GameStop, the beloved retail video gaming chain, has decided to turn its attention to its Web3 gaming and NFT market.

GameStop quietly has been developing their minimum viable product for the NFT website’s NFT site since mid-2021. The firm’s efforts have increased significantly in the last year, with the unveiling of their NFT gaming and Web3 divisions at the beginning of this year.

Immutable X is an Ethereum scaling platform that was announced by GameStop as a significant partnership. This will allow them to launch an NFT marketplace. GameStop claims that the Immutable X NFT Marketplace deal will bring $150 million in IMX tokens to them if they reach certain milestones.

Despite a downturn in NFT markets, Immutable X continues to grow and recently announced a Series C round of funding at $200 million. The valuation was $2 billion. This caused the price to IMX to jump almost half a percent within 24 hours, from $1.78 to $1.78. The price of IMX has since retraced.

Gamestop has revealed in its Q4 results, which ended January 29, that it will launch NFT Marketplace by the end of Q2 2022.

GameStop’s net loss of $147.5 million is 83% lower than that of the year before. Its loss of $1.94 a share also sits well outside of Wall Street’s estimates of $0.84 earnings per share.

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