Despite GameStop’s mixed Q4 financial results the video retailer still managed to offer at least one highlight for crypto fans.
An announcement by the firm regarding its anticipated NFT marketplace was made. It is expected that it will launch “by end of the second quarter fiscal year 2022.” GameStop has until June 30 to fulfill its promise.
There have been clues and hints surrounding GameStop’s NFT push. In fact, reports indicating that a crypto-centric recruitment campaign was being launched last spring. A teaser website from May also showed that the project would use Ethereum. However, it was not clear what that would look like.
GameStop , which announced a partnership, said that it would be launching its NFT service in the space. ImmutableX was also involved in the tie-up, which included a $100 million incentive to encourage games studios to use GameStop’s NFT platform.
GameStop stock (GME), despite confirmation of its launch, fell 9.6% in after-hours trades last night.
This bearish reaction to GameStop’s poor performance is likely to be a result of the firm’s weak performance. GameStop reported a loss in Q4 2021 of $147.5 million, which is a very disappointing figure considering that the firm had earned $80.3 million during the same period last year.
GameStop’s journey towards NFTs
The stock of the video game retailer was headlined in 2020 as one the primary assets that fuelled the meme stock stock frenzy in the financial markets.
Blackberry, AMC Theaters and Nokia also saw a surge in popularity as new investors poured money into these stocks. These firms used the momentum to expand into crypto’s wild west.
GameStop’s NFT launch is just one example. However, the AMC Theater chain accepted crypto payments for ticket sales, including meme currency Dogecoin. They even gave shareholders no-cost NFTs.
It remains to be seen, however, if the other meme stock caste members will also pivot towards crypto.