GameStop’s earnings release provided some new details on their Ethereum-based NFT marketplace.  Covered: GameStop Announces NFT Marketplace Earnings Disappoint, Despite Potential Of NFTs The Future Of GameStop GameStop Announces NFT Marketplace $GME So #opensea has value of 13B$ and 600.000 users. Now #Gamestop announces #NFT marketplace with 5,8 million #powerup members. #GME value at half […] The post GameStop’s Future Is Tied To Ethereum NFTs appeared first on CryptosRus.

GameStop’s Future Is Tied To Ethereum NFTs

GameStop’s earnings release provided some new details on their Ethereum-based NFT marketplace. 

Covered:

  • GameStop Announces NFT Marketplace
  • Earnings Disappoint, Despite Potential Of NFTs
  • The Future Of GameStop

GameStop Announces NFT Marketplace

During their fourth-quarter earnings call, GameStop announced that it is launching its NFT marketplace sometime in July. GameStop announced last month that it’s partnering with layer-2 scaling solution Immutable X.

After struggling for years, GameStop (Ticker symbol GME) experienced a brand renaissance last year thanks to WallStreetBets and Citadel. Shares of GME skyrocketed, apparently, after a message board full of self-described degenerates figured out that GME was shorted more than 100% of its available shares.

Since the short squeeze, GameStop’s fanbase has increased significantly with Youtube Channels and news sites dedicated to the gaming retailer.

Despite providing a date on a price catalyst, shares of GameStop slid due to disappointing fourth-quarter earnings. The struggling retailer reported a net loss of almost 150 million, 83% worse than this time last year. However, those losses are tied to their retail
brick and mortar” stores.

Recommended: GameStop Considered Acquiring Loopring…

The Future Of GameStop

The future of GameStop, as made clear by their press release, is tied to crypto. Alongside the aforementioned NFT marketplace, the company announced that it hired experts in blockchain gaming, and gave little in terms of updates on other initiatives moving forward.

However, what exactly GameStop’s crypto future form will take on is unclear. Very little as far as their plans go has been revealed, making it difficult for analysts to project out exactly what kind of earnings potential GameStop’s NFT endeavor has exactly.

During their earnings call, GameStop did mention that their marketplace will feature sellable skins and digital real estate. But the potential of that depends on what video game brand partnerships the upcoming NFT marketplace can procure.

Though, looking at its likely competitors like OpenSea, it’s fair to think the potential for revenue is quite significant. Not to mention, GameStop’s rabid fanbase gives them runway other mainstream companies entering the NFT space don’t have. It remains to be seen how the company will be valued moving forward by Wall Street.

As for GameStop CEO Ryan Cohen, he said during the earnings call: “We have learned from the mistakes of the past decade, when GameStop failed to adapt to the future of gaming.”

Recommended: Did GameStop Just Steal From The Poor?

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