GameStop's NFT marketplace has been launched, possibly hinting at the company's aim to soar high in the capital market.
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| GameStop's NFT marketplace is now live |
The fact that GameStop has been struggling for the past few years hasn't exactly been a secret in the industry. It wouldn't be an overstatement to say that many people are perplexed as to why the once-important source of video game sales is even still in existence.
However, GameStop, the industry leader in gaming, has recently introduced its NFT marketplace - GameStop NFT marketplace in an effort to pursue growth in a digitally-driven reversal.
Back in February, when the company released its financial results, it announced that it would be teaming up with layer 2 system Immutable X to launch its NFT plans. As part of the agreement, GameStop claimed it would receive up to $150 million in IMX tokens from Immutable X upon reaching specific milestones.
Then, in May, prior to the marketplace launch, GameStop launched its digital asset wallet for storing, sending, and receiving cryptocurrency and NFTs.
To make a change, the retailer of video games is shaking things up once more. The most recent statements from GameStop (NYSE: GME), which has been battling to regain its footing, focus on quite different elements of the company. GameStop's new service - GameStop's NFTs have gone live.
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GameStop's NFT marketplace launched
In an effort to revamp its company and capitalize on consumer adoption of cryptocurrencies and blockchain technology, GameStop on Monday made the official announcement on the highly anticipated launch of its online marketplace for nonfungible tokens, or NFTs - GameStop's NFTs marketplace.
According to a news statement from the firm, customers can connect their own digital asset wallets to the platform - GameStop NFT marketplace, which is currently accessible to the general public for beta testing.
This GameStop NFT marketplace includes the recently introduced GameStop Wallet. After that, they will be able to trade, buy, and sell NFTs of virtual products. According to GameStop, the market will eventually grow to include other capabilities like Web3 gaming.
On its earnings call in February 2022, GameStop stated that it believes the NFT market has long-term potential. One of its executives noted during the call, "We know that our unique [relationship] with gamers offers us with a unique potential in the Web 3 and digital asset world.
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After experiencing financial difficulties for a number of years, including those brought on by its enormous real estate footprint and the videogame industry's quick migration online, GameStop is currently pursuing a turnaround. GameStop NFT marketplace is the latest attempt to invest in a digital future by the gaming store, which is currently led by Ryan Cohen, the founder of Chewy and an activist investor.
Additionally, this GameStop NFT marketplace could be an attempt by the business to retain investors who may have begun to cross GameStop off their lists.
GameStop has seen a number of setbacks that have prevented the company from reviving as a prosperous online retailer, which it must achieve in order to remain relevant in a contemporary world.
GameStop reported a net loss of $157.9 million on revenue of $1.38 billion for the three months that ended on April 30. On $1.27 billion in revenue, the corporation lost $66 million the previous year.
Others might think the GameStop NFT marketplace has arrived a little too late, but if it can serve as a springboard for the company, late is better than never.
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