GameStop Corp, one of the biggest retail gaming firms that provide access to new and pre-owned games across its platform said it is planning to cut down its efforts on its contribution to crypto due to the $94.7 million losses it recorded in the third quarter.
GameStop CEO, Matt Furlong, stated during an earnings call that the gaming firm is actively working to reduce the risks associated with its involvement with crypto over time.
Furlong further stated that Gamestop is not willing to jeopardize the capital of its investors even though it continues to believe that there is a long-term potential for digital assets in the gaming industry.
The CEO also hinted that the gaming firm does not currently have any meaningful balance of any digital token.
According to a report from Bloomberg earlier this week, the ailing video game retailer recorded the largest quarterly revenue decrease in two years, demonstrating that its efforts to increase digital sales haven’t been able to make up for a reduction in physical sales.
The gaming company recorded net sales of $1.19 billion within a three-month period that ended in October 29th. This figure is lower than the forecast made by two analysts averaging $1.39 billion.
GameStop as a Major Player in the NFT Space
Gamestop announced in June that it was looking towards investing in the Web3 ecosystem and Non-fungible Token (NFT) as a means to grow its business after making a loss of $160 million. Despite a fall in profit, GameStop’s Q1 revenue increased by 8% to $1.378 billion.
To this end, ImmutableX made an announcement via a new release regarding a partnership with Gamestop to power the platform’s NFT marketplace aimed at offering millions of NFTs to users.
As regards the partnership, users will receive a 1% daily trade volume cashback bonus in Immutable’s IMX token and GameStop will also provide several bonuses to NFT platform users.
The integration will allow access to some of the most popular Web3 games being developed by ImmutableX and also enable completely gas-free and carbon-neutral coin minting and trading on the GameStop NFT Marketplace.
GameStop and ImmutableX have continually worked together since the announcement of their collaboration including launching a $100 million grant fund created to encourage developers and builders to propose, sign, and integrate new games that will power future NFT and web3 gaming.
