Last month, the business reached a significant arrangement with Immutable X, an Ethereum Layer 2 NFT scaling service.
Key Takeaways
- GameStop exposed its strategy to launch its NFT market by the end of Q2 this year.
- The business keptinmind that it had employed lots of staffmembers working on Web3 videogaming.
- The business has had prepares for its own NFT market for almost a year now.
GameStop hasactually released its Q4 and financial year 2021 outcomes. In the report, the videogame business alerted the public of its objective to launch its NFT market by the end of Q2.
GME NFTs
GameStop has revealed its intent to launch its long-teased NFT market atsomepoint in the 2nd quarter of this year.
In its fourth-quarter introduction, the business highlighted the reality that it “hired lots of extra people with experience in locations such as blockchain videogaming, ecommerce and innovation, item repair and operations.”
Moreover, the company highlighted its partnership with the Ethereum-based NFT scaling service Immutable X, which would include Immutable X assistingin the advancement of the NFT market GameStop had in the works. As part of this offer, GameStop would get as much as $150 million worth of IMX tokens. As of the following day, GameStop had offered almost 15 million of the IMX tokens it had got as part of the collaboration.
GameStop ended last year with $1.271 billion in money and money equivalents.
As far back as May of last year, GameStop hadactually been taking actions towards its own non-fungible token market. As was highlighted in its report, the business made numerous employs associated to its market for NFTs, consistingof 8 more task listings simply last October. As of Dec. 28, GameStop was trying to discover NFT material developers.
At press time, shares of GME had rallied on the day, up over 7%.
Disclosure: At the time of composing, the author of this piece owned BTC, ETH, and numerous other cryptocurrencies.
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