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Tuesday, December 6, 2022

GameStop Interested On The Launch Of NFT Marketplace

GameStop (GME) is a very famous retail store chain of video games and they are excited about Web3 gaming and the NFT marketplace. GameStop recently suffered a total $147.5 million loss during Q4 2021. The company very secretly constructed a website of barebones NFT in the second half of 2021. 

GameStop Faced A Big Q4 Loss And Still Thinking Big

This year GME is working very hard after they partnered with ETH scaling solution Immutable X to construct a marketplace for NFT. The Q4 test ended on 29th January and its results were published on 17th March. However, GameStop announced that they are planning to start the NFT marketplace by Q2 2022. 

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GameStop also laid focus on the fact that the deal with Immutable X has brought $150 million worth of IMX tokens. The firm has also recruited many people who have experience in blockchain gaming, product operations and refurbishment, technology, and e-commerce. GME has faced a net loss of $147.5 million this year which is 83% more than last year. The company’s each share is facing $1.94 of loss. 

After the financial details of Q4 were published, the GME price was heavily impacted and it decreased by 7.31%. Though there were improvements in the initiative of Web3, GameStop is still facing loss with its price decreasing by 40% since the start of the year. The report also stated that GameStop made a sale of $2.254 billion in the last quarter which showed an improvement compared to the last year when the sale was $2.122 billion. 

GME could repay all its investors, debts, unsecured loans in connection with the Government of France with the money they raised in the capital which was a total of $1.67 billion. NFT markets are facing a bearish trend, still, Immutable X stands strong and has declared $200 million funding in Series C which has a valuation of $2 billion on 8th March.

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