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During its Q4 2021 earnings call in March, GameStop revealed its inventions to roll out an NFT platform.
Electronics retail company GameStop (NYSE: GME) has unveiled crypto and non-fungible token (NFT) wallet for gamers and others. Announcing its push into the digital assets space with the self-custodial Ethereum wallet, GameStop said it is available on decentralized apps. The wallet can be used for storing, sending, receiving, as well as using crypto and NFTs. With the wallet extension available for download, users will be able to conduct transactions on GameStop’s NFT marketplace. According to the press release on the 23rd of May, the company’s NFT marketplace is expected to launch in Q2 of GameStop’s fiscal year.
During its Q4 2021 earnings call in March, GameStop revealed its inventions to roll out an NFT platform. The company referred to the plan as part of its “new growth opportunities.” The electronics retail company said in its 10-K disclosure filing:
“As we scale and expand our core offerings we will simultaneously invest in additional growth, including blockchain, digital assets (including non-fungible tokens (“NFTs”)), web 3.0 technology, and new destination formats for our stores.”
GameStop Enters Agreement with Immutable X Ahead Digital Assets Wallet Launch
Ahead of the crypto and NFT wallet launch, GameStop became well-known amid the pandemic as a notable meme stock. When the company gained attention, it also amassed a lot of profits before correcting. The retail company partnered with Immutable X earlier this year regarding the development of the NFT marketplace. The joint venture set up an up to $100 million fund in IMX tokens to support creators. Under the deal, Immutable X will give nearly $150 million in IMX tokens to GameStop when the achievement reaches certain stages. These phases include the marketplace launch and attaining $1.5 billion in sales volume. It also includes Immutable X reaching $3 billion in sales volume within a particular period.
A Jefferies analyst Stephanie Wissink noted:
“The combination of skilled hires plus a partnership with a layer-2 scaling solution, designed specifically for token-driven video games, is a start to giving the investment community more clarity into what GameStop hopes to become.”
GameStop NFT marketplace is accessible to creators across gaming studios, metaverse gaming developers, web 3.0, etc. Initially, there were rumors that GameStop may team up with Microsoft (NASDAQ: MSFT) to create an NFT platform.
GameStop has been struggling over the past year. Hopes are high on if the NFT marketplace and self-custodial wallet would trigger some profits for the company. The electronics retail company’s stock has shed over 54% in the last twelve months and 35.22% in its year-to-date record. GME has declined 18.58% in the last three months and lost nearly 25% over the past month. Furthermore, GameStop stock has also plunged 4.23% in the last five days. Currently, the company’s shares are trading at $95.50, a 0.66% loss over its previous close of $96.13.