One of the more interesting moves by GameStop (GME) in the last year has been the launch of its NFT Marketplace. Having launched in July 2022 following its claw out of near-bankruptcy and back to a notable entity in gaming and tech retail, the Marketplace was GameStop’s attempt to get in on the trending craze of NFTs and cryptocurrency that was still booming earlier in the year. However, GameStop seems like it may have missed the ship, at least in the Marketplace’s first year of operation. In a recent annual filing, GameStop revealed that sales from its NFT Marketplace since opening made no major impact on its bottom line in terms of 2022 revenue.
This detail was reported recently in GameStop’s Form 10-K Annual Report. Down on Page 53 of the report, GameStop speaks specifically to the NFT Marketplace. However, there wasn’t really good news or bad news to share. GameStop’s specific statement on the NFT Marketplace can be found below:
The main implication here is that GameStop’s NFT Marketplace isn’t seemingly costing the company in its operation, but it’s not a substantial source of revenue yet either. It didn’t result in notable sales or losses that would be required to be reported. It’s also worth noting that GameStop’s Marketplace is surviving in a field where competitors and platforms are dwindling with the downward trend of NFTs and cryptocurrency over the past year. Where both were an explosive phenomenon for a while, the bankruptcy of companies like FTX, crashing of cryptocurrencies like Luna Coin and TerraUSD, and a recent court case establishing that NFTs don’t fall under protected speech has continued to spell trouble for crypto-related products since GameStop launched the Marketplace in July 2022.
Nonetheless, while GameStop’s NFT Marketplace doesn’t seem to be moving the needle positively for the company, it’s also not substantially hurting GameStop at the moment. Stay tuned as we continue to follow for more GameStop, NFT, and cryptocurrency news and updates.