GameStop Optimistic Web3 Unit, NFT Marketplace Will Turn Around Earnings

NFT Marketplace

GameStop expects to reap big on its NFT Marketplace and Web3 division despite registering a net loss of $147 million in the fourth quarter of last year.

The video game retailer says that the partnership with Immutable X is set to earn the firm $150 million in IMX tokens on achieving specific milestones. 

GameStop also notes that it has recruited experienced individuals in the gaming, e-commerce technology, and products section.

GME dipped 7.31% to about $81.29 despite a strong sentiment from Web3 initiatives recorded in the year. The price has plunged over 40% from the beginning of the year.

The firm reported a net loss of $147.5%, an 83% year-over-year decrease. The loss per share of $1.94 compares to the $0.84 EPS Wall Street estimate.

GameStop developed NFT websites in 2021 and launched a Web3 gaming division in January. The firm also teamed up with Ethereum and Immutable X.

Immutable X continues on an upward growth trajectory despite a declining NFT sector. The firm closed a $200 million Series C funding that placed it at a $2 billion valuation this month.

Source: GameStop

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