One of the trends alongside the skyrocketing value of GameStop over the course of the past year has been the surge in value in cryptocurrency, as well as the trend of NFTs. Having pulled itself back from the bring of bankruptcy and now having gotten its feet under it, GameStop has most certainly taken notice of the NFT trend and teased steps to get in on the crazy. Now it seems those steps are set in stone. GameStop is planning on launching an NFT Marketplace by the end of Q2 2022.
GameStop announced its timeline for launching its NFT Marketplace via its Q4 2021 earnings release on March 17, 2022. This followed a mixed bag of an earnings report in which the company was able to post a beat on revenue, but faced an unexpected loss in earnings-per-share. Despite any and all setbacks in this reported quarter, the company has major plans for the coming year. Notable among them is the establishment and opening of the GameStop NFT Marketplace by the end of GameStop’s fiscal Q2 2022.
This isn’t the first we’ve heard of GameStop’s NFT Marketplace plans. The company seemed to signal the direction when it pinned down an NFT website as far back as May 2021. It went further and opened up creator applications for the website later on in December 2021. However, the flood of creator applications and sign-ups forced GameStop to temporarily close new applications in late January 2022. Despite the influx of support, it appears GameStop wasn’t prepared to deal with it at the time.
It seems that the company is taking its entrance to the NFT market slow and steady. With plans to launch the GameStop Marketplace by the end of Q2 2022, stay tuned as we continue to follow this topic for further updates. You can also follow our GameStop topic page for more on earnings, today's conference call, and more.