Home Game NFTs GameStop Hopes The Crypto And NFTs Will Take $380 million on the last year’s halt

GameStop Hopes The Crypto And NFTs Will Take $380 million on the last year’s halt

by Ron

A year after the end of an awful stock-run, GameStop has returned to posting its usual massive losses, and as gamers turn left from physical media to digital downloads. GameStop CEO Matt Furlong recently presented his end-of-year report to investors and reporters where he noted that the company lost much money in fiscal year 2021.

“The combination of supply chain problems and the omicron variant has huge impact on this holiday season,” Furlong said (as reported by GameSpot). “We decided to take a big leap for ourselves to take a stand for the future, so we could absorb more expensive costs and reach our goal of meeting customer demands. We felt and continue to feel that investing in our customers and rebuilding our brand loyalty in the long term is not in the company’s best interest.”

Reported: Dr Disrespects NFT Game Is Star City For Gen Z.

That loss was 381 million, so as to blame supply chains and pandemic pressures for 2021, the excuse won’t last till 2022 and 2023 even if it remains true.

For help in the reverse, Furlong said GameStop will be making several internal changes. First, the company cut ties with several consultants who spent millions every year on GameStop. Second, GameStop continues his transformation into a “customer-obsessed technology company,” which has more wide offerings, more competitive pricing, faster shopping and a better customer experience.”

Third, GameStop is continuing to pivot hard into crypto and NFTs. The company announced the move last spring by opening an NFT-focused homepage with a cat-bananas as its mascot. And just recently, GameStop put up a $100 million fund which would help game devs enter the NFT space.

Despite this, a $100 million bet looks too hot. The public backlash against the crypto and free-traded technology has resulted in a 20% decline in trade volume on OpenSea, the largest NFT trading website, and the average price has risen almost half since its peak in November.

It is a neo-sanity, that it is still awful for the environment and don’t really add anything to video games themselves, maybe GameStop should reconsider where it puts its dwindling cash reserves on its head.

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