Image default
Blockchain

GameStop to Launch NFTs Marketplace by the End of Q2

In its fiscal fourth-quarter earnings report, GameStop, a serious US online game and electronics retailer, introduced that it plans to launch a non-fungible token (NFT) market by the finish of the second quarter (the finish of July this yr).

Webp.net-resizeimage - 2022-03-18T171649.053.jpg

The timeline for launching its NFT Marketplace was disclosed on the announcement of its This autumn 2021 earnings launch on March 17, 2022. In the earnings report, the online game retailer acknowledged that it was ready to file a beat on income however witnessed an surprising loss in earnings-per-share. GameStop talked about that it misplaced $147.5 million, or $1.94 a share, in the fourth quarter, versus earnings of $80.3 million, or $1.23 a share, in the year-ago interval.

However, the agency stated it’s strengthening relationships with gaming manufacturers and in search of new methods to generate profits — together with growing a brand new market for NFTs.

Embracing Innovation to Thrive

In January, GameStop disclosed that it was moving into the NFTs market and coming into into crypto collaborations. GameStop employed 20 new workers for its cryptocurrency division to develop a digital market for individuals to buy, promote, and commerce NFTs linked to digital belongings to be used in varied video games. The gadgets will embrace issues comparable to character skins, weapons, and digital actual property. The new market would compete with the likes of OpenSea, the NFT market that at present has a $13.3 billion valuation.

GameStop additionally introduced plans to collaborate with two different cryptocurrency firms, which is able to assist higher place the retailer to spend money on video video games with crypto options. Reports present that GameStop is looking for to enter into many partnerships and make investments for a whole bunch of thousands and thousands of {dollars} this yr alone.

Last month, GameStop partnered with Immutable X, a blockchain agency, to construct a market for NFTs, which they anticipated to roll out later this yr.

GameStop is hoping to entice recreation builders and studios to use the market with the assist of a $100 million fund. Last month, GameStop and Immutable launched a $100 million joint fund to spend money on gaming NFT tasks.

GameStop’s income is down, and its enterprise mannequin has been hit onerous by the enhance in digital downloads. The inventory market signalled that GameStop was going into the cryptocurrency enterprise early final yr. In January 2021, the gaming retailer all of the sudden discovered itself became a “meme stock” fiasco which resulted in a Justice Department probe.

Image supply: Shutterstock

Related posts

Blockchain Ecosystem Suffers Over $9.8B Worth Security Lost in 2021

Crypto Advisor

Valkyrie Bitcoin Mining ETF to List on Nasdaq

Crypto Advisor

FDIC Issues Crypto-Related Cease and Desist Orders to 5 Corporations Including FTX U.S.A. Exchange

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 19,032.61 1.65%
ethereum
Ethereum (ETH) $ 1,339.28 1.05%
tether
Tether (USDT) $ 1.00 0.21%
usd-coin
USD Coin (USDC) $ 1.00 0.12%
bnb
BNB (BNB) $ 267.36 0.59%
binance-usd
Binance USD (BUSD) $ 1.00 0.06%
cardano
Cardano (ADA) $ 0.456886 2.00%
xrp
XRP (XRP) $ 0.406078 8.45%
polkadot
Polkadot (DOT) $ 6.33 0.01%
solana
Solana (SOL) $ 31.84 1.88%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 2.42%
dogecoin
Dogecoin (DOGE) $ 0.059339 1.08%
staked-ether
Lido Staked Ether (STETH) $ 1,328.31 1.15%
matic-network
Polygon (MATIC) $ 0.740854 2.13%
tron
TRON (TRX) $ 0.060082 0.65%
dai
Dai (DAI) $ 1.00 0.15%
avalanche-2
Avalanche (AVAX) $ 16.84 1.63%
ethereum-classic
Ethereum Classic (ETC) $ 29.30 0.35%
leo-token
LEO Token (LEO) $ 4.75 1.73%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 18,989.01 1.83%
uniswap
Uniswap (UNI) $ 5.41 1.65%
litecoin
Litecoin (LTC) $ 52.43 0.94%
cosmos
Cosmos Hub (ATOM) $ 14.01 8.66%
okb
OKB (OKB) $ 14.99 0.06%
ftx-token
FTX (FTT) $ 23.54 1.94%
terra-luna
Terra Luna Classic (LUNC) $ 0.000305 0.97%
near
NEAR Protocol (NEAR) $ 3.87 4.13%
chainlink
Chainlink (LINK) $ 6.94 3.59%
crypto-com-chain
Cronos (CRO) $ 0.104583 0.39%
monero
Monero (XMR) $ 142.12 1.40%
stellar
Stellar (XLM) $ 0.116039 4.22%
bitcoin-cash
Bitcoin Cash (BCH) $ 113.03 1.08%
algorand
Algorand (ALGO) $ 0.325273 5.49%
flow
Flow (FLOW) $ 1.69 0.16%
vechain
VeChain (VET) $ 0.022784 0.53%
eos
EOS (EOS) $ 1.34 5.04%
internet-computer
Internet Computer (ICP) $ 5.92 1.87%
filecoin
Filecoin (FIL) $ 5.34 1.85%
chain-2
Chain (XCN) $ 0.066391 6.46%
frax
Frax (FRAX) $ 1.00 0.12%
hedera-hashgraph
Hedera (HBAR) $ 0.057917 1.51%
decentraland
Decentraland (MANA) $ 0.71221 2.19%
apecoin
ApeCoin (APE) $ 5.79 0.47%
the-sandbox
The Sandbox (SAND) $ 0.852593 0.43%
tezos
Tezos (XTZ) $ 1.48 1.83%
quant-network
Quant (QNT) $ 102.48 3.86%
axie-infinity
Axie Infinity (AXS) $ 12.45 1.29%
aave
Aave (AAVE) $ 75.24 1.53%
lido-dao
Lido DAO (LDO) $ 1.81 0.63%
elrond-erd-2
Elrond (EGLD) $ 48.22 0.25%
theta-token
Theta Network (THETA) $ 1.05 0.15%
true-usd
TrueUSD (TUSD) $ 1.00 0.05%
chiliz
Chiliz (CHZ) $ 0.229469 7.11%
bitcoin-sv
Bitcoin SV (BSV) $ 49.10 0.09%
compound-usd-coin
cUSDC (CUSDC) $ 0.022652 0.01%
paxos-standard
Pax Dollar (USDP) $ 0.99945 0.26%
kucoin-shares
KuCoin (KCS) $ 8.95 0.82%
bittorrent
BitTorrent (BTT) $ 0.00000078372198 1.90%
ecash
eCash (XEC) $ 0.000039 0.08%
the-graph
The Graph (GRT) $ 0.098252 2.92%
iota
IOTA (MIOTA) $ 0.263466 1.59%
zcash
Zcash (ZEC) $ 54.08 1.66%
huobi-btc
Huobi BTC (HBTC) $ 19,015.07 1.15%
usdd
USDD (USDD) $ 1.00 0.41%
huobi-token
Huobi (HT) $ 4.59 2.75%
evmos
Evmos (EVMOS) $ 2.51 3.23%
havven
Synthetix Network (SNX) $ 2.33 6.72%
cdai
cDAI (CDAI) $ 0.022072 0.04%
maker
Maker (MKR) $ 610.65 1.76%
bitdao
BitDAO (BIT) $ 0.492972 3.53%
klay-token
Klaytn (KLAY) $ 0.200674 1.09%
neutrino
Neutrino USD (USDN) $ 0.932321 3.44%
fantom
Fantom (FTM) $ 0.229009 0.49%
compound-ether
cETH (CETH) $ 26.96 1.69%
neo
NEO (NEO) $ 8.40 0.54%
helium
Helium (HNT) $ 4.74 0.68%
gatechain-token
Gate (GT) $ 4.18 1.41%
defichain
DeFiChain (DFI) $ 0.824231 0.83%
radix
Radix (XRD) $ 0.057101 1.11%
celsius-degree-token
Celsius Network (CEL) $ 1.46 0.50%
pax-gold
PAX Gold (PAXG) $ 1,657.61 0.69%
pancakeswap-token
PancakeSwap (CAKE) $ 4.38 1.69%
thorchain
THORChain (RUNE) $ 1.63 2.48%
osmosis
Osmosis (OSMO) $ 1.24 6.52%
zilliqa
Zilliqa (ZIL) $ 0.032058 0.65%
enjincoin
Enjin Coin (ENJ) $ 0.477977 1.52%
nexo
NEXO (NEXO) $ 0.879568 1.55%
arweave
Arweave (AR) $ 9.62 0.04%