GameStop gets into the stock split game Picture this, Oprah appears at this year’s GameStop AGM, shouting: “you get a share, you get a share, you get a share”. The age-old, brick-and-mortar company now wants its name in the web3 hat, and boy do they hope it’ll work: GME reported further losses on its revenue in Q2 and had to lay off an unconfirmed amount of employees in early July, including CFO Michael Recupero. The push into digital collectables is part of GameStop’s effort to reinvent itself.So needless to say, they’ve got their work cut out for them. Even the second most popular NFT platform – Solana’s Magic Eden – currently struggles to compete with the market dominance of OpenSea. The marketplace has seen more than $2m in sales this week… which isn’t too much to write home about given some Bored Apes on OpenSea go for more than that benchmark alone.Others that have attempted similar moves like Coinbase and eBay have so far have been met with relative tumbleweeds amid wider crypto market struggles. It works just like any other NFT marketplace, and GameStop and Immutable X have already launched a $100m token grant fund to attract devs and artists alike. The long-awaited GameStop NFT launched on Monday.Now what? It’s been a year in the making, but GameStop finally launches its NFT marketplace – just in time to catch the optimum bleakness of the bear market blues. It once again highlights the blurry lines in the NFT world between ownership and theft, going back on the promises made in 2021 by NFT marketplaces that non-fungible artists would have complete ownership of their work – the rules may not be clear, but they clearly do need to be slightly more stringent.The creator has now been suspended from the platform despite having received all the appropriate permissions earlier, though the money he earned is still securely in his account – it marks the second controversy for GameStop’s new marketplace, which had to remove an image of a 9/11 victim only two weeks ago after huge backlash.Those behind the popular Indie Games have come out against the marketplace and Nathan Ello, who released the NiFTy Arcade interactive NFT collection and earned at least $55k without getting consent from the owners of the game. GameStop’s NFT marketplace sold a HTML5 game without permission, says the game’s developers.Still, it’s got a way to go before areas like its NFT marketplace start to show meaningful results on the balance sheet.Ī nefarious NFT sale? An accusation towards an NFT minter on the new GameStop NFT marketplace brings to light the complexities of the non-fungible market. Profitability is now the name of the game for the biz, decreasing its QOQ expenses 14%, recently firing its finance chief, and making job cuts after hiring over 600 people in 2021 and this year.That or retail trading degenerates really liked the news about the retail chain’s e-comm & marketing partnership with crypto exchange FTX. Still, the stock jumped over 10% in after-hours trading, possibly driven up because FactSet analysts had braced people for an adjusted loss of 42 cents a share.Net sales have also done an oopsie, slipping from $1.14bn compared to $1.18 billion a year earlier, while inventory has swollen nearly 25% to $735M. GME’s Q2 earnings report has revealed a $109M loss, which, on an adjusted basis, amounts to 35 cents a share – compared to 19 cents a share for the same period last year.Can GME successfully buoy its embattled balance sheet with this new attraction?Ī sixth consecutive quarterly loss GameStop's latest earning’s report reveals accumulating inventory and big losses – sorta like a facemask salesperson in 2022 – but not quite as much as some analysts forecast.
The stock soared nearly 25% in day trading to touch its highest level since mid-August before the NYSE halted trading based on the “Limit Up Limit Down” rule and the stock closed up only 0.5%. GME investors seem incredibly excited about the potential here.GameStop initially only offered digital artwork and collectibles, but with interactive NFTs based on a new popular slate of Immutable X-based games like Gods Unchained, there’s bound to be an increase in traffic. It means assets from Web3 games can be bought and sold on the platform.The marketplace’s official release has been highly anticipated since its beta version was launched in July for public use, and is the result of a partnership that’s been months in the making. GameStop’s NFT marketplace is now live on Immutable X, a layer 2 Ethereum scaling protocol.Web3 gaming goes live on GameStop GameStop stands to be a major player in the crypto world, which investors are understandably excited for given its declining core business.
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