{"id":9379,"date":"2022-03-18T03:34:08","date_gmt":"2022-03-18T03:34:08","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/gamestop-looks-toward-nft-marketplace-launch-after-big-q4-loss\/"},"modified":"2022-03-18T03:34:09","modified_gmt":"2022-03-18T03:34:09","slug":"gamestop-looks-toward-nft-marketplace-launch-after-big-q4-loss","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/gamestop-looks-toward-nft-marketplace-launch-after-big-q4-loss\/","title":{"rendered":"GameStop looks toward NFT marketplace launch after big Q4 loss"},"content":{"rendered":"

<\/p>\n

\n

Much loved retail video game store chain GameStop (GME) is looking ahead to its long-awaited NFT marketplace and Web3 gaming unit after suffering a net loss of $147.5 million during Q4 2021 <\/p>\n

GameStop quietly built a barebones NFT website in mid-2021 but has significantly ramped up efforts this year after unveiling an NFT and Web3 gaming division in January along with penning a major partnership with Ethereum (ETH) scaling solution Immutable X the following month to build an NFT marketplace. <\/p>\n

As part of the Q4 results \u2014 ending on January 29 and published on March 17 \u2014 GameStop revealed that it intends to launch its NFT marketplace by the end of Q2 2022.<\/p>\n

\n

$GME<\/a> will reportedly open their NFT marketplace at the end of their second quarter 2022.
SHARE THIS ASAP! #GME<\/a> #gamestop<\/a> #stocks<\/a> #news<\/a> pic.twitter.com\/CW2oDPHul1<\/a><\/p>\n

\u2014 carlostrades (@rockstar_stocks) March 17, 2022<\/a><\/p><\/blockquote>\n

The firm also highlighted that the Immutable X deal is set to fetch the firm $150 million worth of IMX tokens upon the \u201cachievement of certain milestones,\u201d and noted that it has hired \u201cdozens of additional individuals with experience in areas such as blockchain gaming, e-commerce and technology, product refurbishment and operations.\u201d<\/p>\n

GameStop\u2019s net loss of $147.5 million is 83% worse than the year prior, while its loss of $1.94 per share sits well outside of Wall Street\u2019s estimates of $0.84 earnings per share. <\/p>\n

The price of GME appears to have been significantly impacted by the publishing of GameStop’s Q4 financials, with the price dropping 7.31% sit at around $81.29 at the time of writing. GME has, been on a strong downward trend this year despite positive developments in its Web3 initiatives, with the price dropping more than 40% since the start of January. <\/p>\n

Related: <\/em><\/strong>ApeCoin announcement surges BAYC floor price to near-ATH before correction<\/em><\/strong><\/p>\n

Diving into the report a bit further, GameStop posted $2.254 billion worth of sales last quarter, a slight increase on the $2.122 billion a year prior. A major hindrance on the latest figure was the $1.87 billion cost of sales, while selling, general and administrative expenses totaled $538.9 million. <\/p>\n

The firm was able to raise more than $1.67 billion in capital which was enough to eliminate \u201call of the Company\u2019s long-term debt, other than a $44.6 million low-interest, unsecured term loan associated with the French government\u2019s response to COVID-19.\u201d <\/p>\n

Despite a bearish trend in the NFT market over the past couple of months, GameStop\u2019s partner Immutable X has gone from strength to strength, the firm announced a $200 million Series C funding round at a $2 billion valuation on March 8, which sent the price of IMX surging roughly 50% within 24 hours to around $1.78. Since then the price has retraced to around $1.54. <\/p>\n<\/div>\n