Gamestop Plans To No Longer Work On Cryptocurrency
Monday, January 30, 2023
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Gamestop Plans To No Longer Work On Cryptocurrency

After losing $94.7 million in the third quarter and letting people go from its digital assets department, video game store GameStop said it would no longer work on cryptocurrency.

The CEO of GameStop, Matt Furlong, said on an earnings call on December 7 that the company has “proactively limited exposure to cryptocurrencies” throughout the course of the year and “does not presently own a meaningful amount of any token.”

The company said earlier this year that it was thinking about crypto, non fungible tokens (NFTs), and Web3 applications as possible growth areas, calling them “increasingly relevant for gamers of the future.” Going forward, the company plans to shift its focus to collectibles, gaming, and pre-owned items.

In a filing made with the Securities and Exchange Commission(SEC) on December 7, the company stated that it is “also pursuing, and plan to continue to pursue, other business and strategic initiatives associated with digital assets and blockchain technology.” It appears that the company is still moving forward with its plans to make moves in the non-fungible tokens (NFT) space.

GameStop has released a number of different products that are associated with Web3, the most recent of which is its NFT marketplace, which went live on ImmutableX, an Ethereum layer-2 blockchain, on October 31 after having a public test in July. In May, the company launched a beta version of its self-custody cryptocurrency wallet. In March, the company also launched a beta version of its NFT marketplace on Loopring, which is another Ethereum-based layer-2 protocol. Prior to launching its NFT marketplace, the company made these two announcements.

In September, it also made a deal with the cryptocurrency exchange FTX US, which is no longer in business. The goal was to get more people to use cryptocurrencies and work together on e-commerce and online marketing. On November 11, shortly after the company had filed for bankruptcy, it severed all links with the exchange.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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