GameStop Plans To Introduce NFT Marketplace by End of July

GameStop (GME) announced in its fiscal fourth-quarter earnings report its plans to introduce a non-fungible token (NFT) marketplace by the end of July this year.

Last month, GameStop, revealed that it would partner with Immutable X for the launch of its NFT plans. According to GameStop, the partnership would provide it with up to $150 million in Immutable X IMX tokens upon achievement of certain milestones.

The company also said that it had hired dozens of people in Q4 with experience in areas including blockchain gaming, e-commerce and other technology areas.

GameStop 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.”

GameStop expects the new NFT marketplace to include “billions of low-cost, in-game assets that can easily be bought and sold,” specifically mentioning digital real estate and in-game skins.