gamestop-launches-nft-marketplace-days-after-laying-off-workers

Promo image of GameStop's NFT marketplace depicting an astronaut

Image through GameStop

Earlier this 12 months, GameStop acknowledged it might embrace cryptocurrency and NFTs, each of which have confirmed to be reasonably common with executives at game corporations, however not a lot with game trade workers. Today, GameStop introduced that its NFT market is now open for enterprise in beta — lower than per week after it introduced a spherical of layoffs.

According to GameStop, {the marketplace} will enable individuals to purchase, promote, and commerce NFTs, with extra options set to reach sooner or later.

“Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators and other Ethereum environments,” the corporate stated.

Based on a short look by the newly-opened NFT market, plainly the obtainable NFTs can vary from a few {dollars} to nearly a pair thousand. One of the listed NFTs, “Tripset #8,” goes for almost $2,000 on the time of writing. There have additionally been studies of frequent error messages throughout the market’s launch.

The launch of this market is GameStop’s newest step in its guess on blockchain, which the corporate appears to suppose will likely be a worthwhile one. Last week — whereas saying the aforementioned spherical of layoffs — GameStop CEO Matt Furlong acknowledged that the corporate was within the technique of delving deeper into blockchain know-how, and in addition that the workers reductions would partially enable the corporate to “operate in a profitable manner.”

The perceived worth of NFTs and cryptocurrency are each tremendously topic to hypothesis, which may probably cast doubt on the soundness behind GameStop’s newest endeavor. Just final month, the NFT market hit a 12-month low, whereas the crypto market can be coping with a fairly harsh crash in the intervening time.

The gaming retailer has fallen on fairly exhausting occasions over the previous few years. In its 2021 fiscal 12 months, the corporate posted a internet lack of over $380 million.