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