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GameStop Says It Plans to Launch NFT Marketplace by End of July
The struggling video game retailer recently partnered with Immutable X to build out its NFT initiative.
Updated May 11, 2023, 5:59 p.m. Published Mar 17, 2022, 8:16 p.m.
CORRECTION (March 17, 21:20 UTC): A previous version of this story incorrectly stated that GameStop plans to launch its NFT marketplace by the end of April.
GameStop (GME) said in its fiscal fourth-quarter earnings report that it intends to launch a non-fungible token (NFT) marketplace by the end of July.
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- In February, GameStop, one of the original meme stocks, said it would be partnering with layer 2 system Immutable X for the launch of its NFT plans. In its earnings release, GameStop said the partnership would provide it with up to $150 million in Immutable X IMX tokens upon achievement of certain milestones.
- GameStop also noted that it had hired dozens of people in Q4 with experience in areas including blockchain gaming, e-commerce and technology.
- Overall, the game retailer reported a fiscal fourth-quarter loss of $1.94 per share versus the consensus analyst estimate of a gain of $0.85, according to the three analysts polled by FactSet, and quarterly revenue of $2.25 billion versus the analyst estimate of $2.16 billion.
- Shares of GameStop fell about 10% in post-market trading on Thursday.
- GameStop said on its earnings call that it sees long-term potential in the NFT market. "We recognize that our special [connection] with gamers provides us a unique opportunity in the Web 3 and digital asset world," one of its executives said on the call.
- In its February announcement of the Immutable X partnership, GameStop said it expects its NFT marketplace will include “billions of low-cost, in-game assets that can easily be bought and sold,” specifically mentioning digital real estate and in-game skins.
- Shares of GameStop surged in early January after the Wall Street Journal first reported on its plans to build an NFT marketplace and establish cryptocurrency partnerships.
This is a developing story and will be updated.
UPDATE (March 17, 20:31 UTC): Added overall quarterly results.
UPDATE (March 17, 20:45 UTC): Added additional information in first and second bullet points.
UPDATE (March 17, 21:44 UTC): Added info from earnings call and other details in last three bullet points.
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