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GameStop announces the creation of a marketplace for NFTs

Despite GameStop’s negative financial results in the fourth quarter of 2021, the video game retailer on Thursday announced an initiative that could please cryptocurrency enthusiasts.

GameStop announces the creation of a marketplace for NFTs

GameStop announces the creation of a marketplace for NFTs

The company’s financial results included at least one announcement that the launch of its highly-anticipated non-fungible token (NFTs) market is slated for the second quarter of fiscal 2022.

GameStop has until June 30th to fulfill that promise.

Hints and clues surrounded the announcement about Gamestop’s NFT initiative as initial information about a hiring campaign emerged in 2021.

In May, a preview site also showed that the project would be developed on Ethereum, but there was still no information on how that would happen.

The industry initiative was even more evident in February, when the company announced a partnership with ImmutableX, a second-tier scalability solution to accelerate transactions on Ethereum, to support its NFT launch.

The partnership with ImmutableX also includes a $100 million incentive fund to encourage game studios to develop on GameStop’s NFT platform.

Since the announcement, GameStop (GME) stock had fallen 9.6%, but has recovered and is up more than 4%.

The initial, negative reaction may have been a response to the company’s poor performance; GameStop reported a drop of $147.5 million in the fourth quarter of 2021 — a depressing number given that the company had posted $80.3 million in the fourth quarter of 2020.

By 2020, the video game retailer’s stock had made headlines as one of the top assets fueling the “meme stock” craze in financial markets.

Other stocks, including Blackberry, AMC Theaters, Nokia and Bed Bath & Beyond, soared as investors poured money into these stocks. Some of these companies also took the opportunity to promote initiatives in the cryptocurrency wild west.

GameStop’s upcoming NFT release is an example, but theater chain AMC Theater has also started accepting cryptocurrency ticket payments, including the “meme coin” dogecoin (DOGE). They even offered free NFTs to shareholders.

However, it remains to be seen whether other members of the “meme stock castle” will migrate to the crypto sector.

With informations: Decrypt

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