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GameStop Abandoning Efforts in Crypto

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GameStop is shifting focus aware from their crypto efforts, saying that they will no longer focus any efforts on cryptocurrencies, after accumulating around $94.7 million in net losses during the third quarter and laying off staff from its digital assets department.

GameStop CEO Matt Furlong said the video game retailer “proactively minimized exposure to cryptocurrency” during the year and “does not currently hold a material balance of any token” during an earnings call on December 7th.

“Although we continue to believe there is long-term potential for digital assets in the gaming world, we have not and will not risk meaningful stockholder capital in this space” he said during the call (h/t CoinTelegraph).

GameStop had said earlier in the year that they were exploring cryptocurrency, NFTs, and other Web3 applications as potential pathways for growth, calling the verticals “increasingly relevant for gamers of the future.”

GameStop has pushed numerous Web3-related products including their NFT marketplace that launched back on October 31st, Halloween, on ImmutableX, showing their intent interest in the gaming NFTs space, which looks to be the continued plan.

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