GameStop Will Be Launching A NFT Marketplace In Q2 Of 2022

GameStop will be launching an NFT marketplace in the second quarter of the year, making a strong pivot to crypto as we can see more today in our latest cryptocurrency news today.

GameStop had a mixed financial result from the Q4 with the video game retailer didn’t offer up at least one highlight for the crypto enthusiasts. The company’s financial results included an announcement that its highly anticipated NFT marketplace will launch by the end of the second quarter of the fiscal year 2022 which gives GameStop until June 30 to deliver on its promise.

The hints around the unveiling of GameStop’s NFT push with initial reports of a crypto-centric recruiting campaign emerged a year ago and a teaser from the site showed that the project will be built on Ethereum but it was not clear what exactly that will look like at the time. The move into the crypto space became much clearer a month ago after GameStop announced a new partnership with ImmutableX which is a layer-2 scaling solution for faster transactions on Ethereum to assist in the NFT launch.

The tie-up with ImmutableX came with a $100 million incentive fund to incentivize games’ studios to build on the new NFT platform. Despite the confirmation of the marketplace’s launch, the Gamestop stock dropped by 9.6% in the trading session last night. The bearish reaction is a response to the company’s muted performance as GameStop reported a loss of $147 million in the last quarter of 2021 which is quite bleak given the earned $80.3 million in the same period last year.

The game retailer’s stocks made headlines in 2020 when one of the primary assets fueling the meme stock frenzy in the financial markets was the main news on the market. Other equities including AMC Theaters, Blackberry, Nokia, and Bed Bath & Beyond surged when rookie investors poured money into the stocks, and some of these companies used the momentum to push into the world of crypto. Now that GameStop will be launching an NFT marketplace, we can also see that the AMC Theater chain also started accepting crypto payments from DOGE for ticket sales and they even offered shareholders free NFTS but it still remains to be seen if other members of the meme stock will cast a vote for the crypto space.