After suffering a net loss of $147.5 million in the fourth quarter of 2021, the popular video game retailer GameStop (NYSE:) has finally set a deadline for the launch of its NFT marketplace.$GME will reportedly open their NFT marketplace at the end of their second quarter of 2022. SHARE THIS ASAP! #GME #gamestop #stocks #news pic.twitter.com/CW2oDPhul1
— carlostrades (@rockstar_stocks) March 17, 2022
The final step follows the company’s mixed earnings report, in which the company was able to make gains on sales but faced an unexpected loss in earnings per share. Nevertheless, the company has big plans for the coming year, most notably the opening of the GameStop NFT Marketplace.
In January, GameStop stepped up its NFT efforts by launching an NFT and Web3 gaming. It also signed a major partnership with (ETH) scaling solution Immutable X the following month to build an NFT marketplace.
The company emphasized that the partnership with Immutable X would bring in $150 million in IMX tokens upon “achieving certain milestones,” while noting that it has “hired dozens of additional individuals with experience in areas such as blockchain gaming, e-commerce, etc. and technology, product renovation and operations.”
The $147.5 million net loss recorded by GameStop in the fourth quarter of 2021 is 83% worse than the previous year, and the loss of $1.94 per share is well above Wall Street’s estimates of $0. .84 earnings per share.
These numbers have had a heavy impact on GME’s value as the price fell 7.31% to $81.29 as of writing.
While GME has made some progress in developing its Web3 initiatives, it has maintained a strong downward trend this year, with the price falling more than 40% since early January.
However, GameStop’s ally Immutable X has grown stronger despite the bearish trend in the NFT market since February. It announced a $200 million Series C financing round on March 8, with a valuation of $2 billion, raising the price of its native token (IMX) by about 50% in 24 hours.
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