GameStop Says It Plans to Launch NFT Marketplace by End of July

The struggling video game retailer recently partnered with Immutable X to build out its NFT initiative.

AccessTimeIconMar 17, 2022 at 8:16 p.m. UTC
Updated May 11, 2023 at 5:59 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

CORRECTION (March 17, 21:20 UTC): A previous version of this story incorrectly stated that GameStop plans to launch its NFT marketplace by the end of April.

GameStop (GME) said in its fiscal fourth-quarter earnings report that it intends to launch a non-fungible token (NFT) marketplace by the end of July.

  • Zuckerberg Says Meta Has 'Exciting Roadmap' With Threads, AI Products in Pipeline
    08:15
    Zuckerberg Says Meta Has 'Exciting Roadmap' With Threads, AI Products in Pipeline
  • GameStop Teams Up with The Telos Foundation to Grow Web3 Gaming Strategy
    08:09
    GameStop Teams Up with The Telos Foundation to Grow Web3 Gaming Strategy
  • GameStop Launches NFT Marketplace on ImmutableX
    08:09
    GameStop Launches NFT Marketplace on ImmutableX
  • GameStop’s NFT Marketplace Goes Live
    07:27
    GameStop’s NFT Marketplace Goes Live
    • In February, GameStop, one of the original meme stocks, said it would be partnering with layer 2 system Immutable X for the launch of its NFT plans. In its earnings release, GameStop said the partnership would provide it with up to $150 million in Immutable X IMX tokens upon achievement of certain milestones.
    • GameStop also noted that it had hired dozens of people in Q4 with experience in areas including blockchain gaming, e-commerce and technology.
    • Overall, the game retailer reported a fiscal fourth-quarter loss of $1.94 per share versus the consensus analyst estimate of a gain of $0.85, according to the three analysts polled by FactSet, and quarterly revenue of $2.25 billion versus the analyst estimate of $2.16 billion.
    • Shares of GameStop fell about 10% in post-market trading on Thursday.
    • GameStop said on its earnings call that it sees long-term potential in the NFT market. "We recognize that our special [connection] with gamers provides us a unique opportunity in the Web 3 and digital asset world," one of its executives said on the call.
    • In its February announcement of the Immutable X partnership, GameStop said it expects its NFT marketplace will include “billions of low-cost, in-game assets that can easily be bought and sold,” specifically mentioning digital real estate and in-game skins.
    • Shares of GameStop surged in early January after the Wall Street Journal first reported on its plans to build an NFT marketplace and establish cryptocurrency partnerships.

    This is a developing story and will be updated.

    UPDATE (March 17, 20:31 UTC): Added overall quarterly results.

    UPDATE (March 17, 20:45 UTC): Added additional information in first and second bullet points.

    UPDATE (March 17, 21:44 UTC): Added info from earnings call and other details in last three bullet points.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


    Read more about