American video gaming merchandise heavyweight GameStop has its sights set on a long-awaited NFT marketplace and Web3 gaming unit. GameStop is looking into developing these features after the consumer electronics retail chain suffered a huge loss in the fourth quarter.
In the quarter ending January 29th, GameStop recorded a net loss of $147.5 million. This represents an 83% regression from the year-ago period and impacted GameStop shares. The stock is currently changing hands at around $81.29, representing a slump of 7.31%, or $1.94 per share. This exceeded even the general consensus’ bleak estimate of $0.84 earnings per share.
Shortly after publishing the underwhelming report on March 17th, the company turned its attention to its far-from-fully-developed NFT website. Although the NFT project was initiated in the middle of last year, GameStop has significantly cranked up efforts since the turn of 2022. For instance, back in January of this year, the retail gaming giant unveiled its NFT and Web3 gaming division. Furthermore, the next month, GameStop announced a major partnership with Immutable X, a popular Ethereum (ETH) scaling solution. GameStop states that it will launch its NFT marketplace by the end of the second quarter this year.
Meanwhile, Immutable X is currently on a roll – from a business growth standpoint. Earlier this month, the company announced a $200 million Series C funding round at a valuation of $2 billion. Immutable X stock (IMX) surged 50% to $1.78 within 24 hours on the heels of the announcement, before settling at $1.54.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
