GameStop looks toward NFT marketplace launch after big Q4 loss

Must read

10 Things That Are Free in October

Luis Molinero / Shutterstock.com October has arrived, and candy isn’t the only thing being handed out for free this month. From flu shot...

Stop Charging Your Electric Car at This Time of Day

It’s a safe bet that a lot of electric vehicle owners charge their cars at night after they return home from a busy...

9 Restaurants Offering Free or Cheap Tacos on Tuesday

When National Taco Day falls on a Tuesday, the universe is telling you something. Plus, it’s the perfect chance to eat on the...

12 Things You Should Not Do in Retirement

shurkin_son / Shutterstock.com You’ve done your homework, and now you’ve got this retirement stuff all figured out. Savings socked away. Debts paid off....

The firm also highlighted that the Immutable X NFT marketplace deal is set to fetch the firm $150 million worth of IMX tokens upon the “achievement of certain milestones.”

5954 Total views

51 Total shares

GameStop looks toward NFT marketplace launch after big Q4 loss

Much loved retail video game store chain GameStop (GME) is looking ahead to its long-awaited NFT marketplace and Web3 gaming unit after suffering a net loss of $147.5 million during Q4 2021

GameStop quietly built a barebones NFT website in mid-2021 but has significantly ramped up efforts this year after unveiling an NFT and Web3 gaming division in January along with penning a major partnership with Ethereum (ETH) scaling solution Immutable X the following month to build an NFT marketplace.

As part of the Q4 results — ending on January 29 and published on March 17 — GameStop revealed that it intends to launch its NFT marketplace by the end of Q2 2022.

$GME will reportedly open their NFT marketplace at the end of their second quarter 2022.

SHARE THIS ASAP! #GME #gamestop #stocks #news pic.twitter.com/CW2oDPHul1

— carlostrades (@rockstar_stocks) March 17, 2022

The firm also highlighted that the Immutable X deal is set to fetch the firm $150 million worth of IMX tokens upon the “achievement of certain milestones,” and noted that it has hired “dozens of additional individuals with experience in areas such as blockchain gaming, e-commerce and technology, product refurbishment and operations.”

GameStop’s net loss of $147.5 million is 83% worse than the year prior, while its loss of $1.94 per share sits well outside of Wall Street’s estimates of $0.84 earnings per share.

The price of GME appears to have been significantly impacted by the publishing of GameStop’s Q4 financials, with the price dropping 7.31% sit at around $81.29 at the time of writing. GME has, been on a strong downward trend this year despite positive developments in its Web3 initiatives, with the price dropping more than 40% since the start of January.

Related: ApeCoin announcement surges BAYC floor price to near-ATH before correction

Diving into the report a bit further, GameStop posted $2.254 billion worth of sales last quarter, a slight increase on the $2.122 billion a year prior. A major hindrance on the latest figure was the $1.87 billion cost of sales, while selling, general and administrative expenses totaled $538.9 million.

The firm was able to raise more than $1.67 billion in capital which was enough to eliminate “all of the Company’s long-term debt, other than a $44.6 million low-interest, unsecured term loan associated with the French government’s response to COVID-19.”

Despite a bearish trend in the NFT market over the past couple of months, GameStop’s partner Immutable X has gone from strength to strength, the firm announced a $200 million Series C funding round at a $2 billion valuation on March 8, which sent the price of IMX surging roughly 50% within 24 hours to around $1.78. Since then the price has retraced to around $1.54.

More articles

Latest article

10 Things That Are Free in October

Luis Molinero / Shutterstock.com October has arrived, and candy isn’t the only thing being handed out for free this month. From flu shot...

Stop Charging Your Electric Car at This Time of Day

It’s a safe bet that a lot of electric vehicle owners charge their cars at night after they return home from a busy...

9 Restaurants Offering Free or Cheap Tacos on Tuesday

When National Taco Day falls on a Tuesday, the universe is telling you something. Plus, it’s the perfect chance to eat on the...

12 Things You Should Not Do in Retirement

shurkin_son / Shutterstock.com You’ve done your homework, and now you’ve got this retirement stuff all figured out. Savings socked away. Debts paid off....

The 8 Best Home Insurers for Customer Satisfaction in 2022

Consumers are less satisfied today with their homeowners and renters insurance policies than they were in the past, according to a new survey...