GameStop is reportedly planning to enter the Web 3.0 space with moves into non-fungible tokens (NFTs) and cryptocurrency.
According to CNBC, reporting on a story first posted in the Wall Street Journal, the specialty video game retailer is planning to create a marketplace for NFTs. GameStop reportedly has hired more than 20 experts in blockchain and cryptocurrency technologies in the past several months as part of advance work it has been quietly conducting.
NFTs are unique digital assets stored on a blockchain ledger which certifies the owner. There is no way for an NFT to have more than one owner, and only the certified owner can sell it. GameStop is also reportedly developing partnerships with cryptocurrency companies as part of its NFT marketplace development.
GameStop may view NFTs as a way to create new revenue streams, relieve supply chain and inventory pressures, and increase its stock value. The company lost $105.4M, or $1.39 a share, in the quarter ended 30 October 2021, compared with a loss of $19M, or $0.29 a share, in the year-ago period.
