GameStop doubles down on digital assets, NFTs
GameStop is quietly preparing for its entry into cryptocurrency, blockchain and non-fungible tokens (NFTs), with its first quarter of fiscal 2022 earnings press release showing that the company has been proceeding with hiring and projects in this space for at least part of the three months ending April 30.
The video game, consumer electronics and gaming merchandise retailer revealed in the statement that it “has taken steps to support the recent launch of a digital asset wallet to enable gamers and others to store, send, receive and use cryptocurrencies and [NFTs] on decentralized applications” during the quarter.
GameStop’s wallet expansion will enable transactions on the company’s NFT Marketplace, which is expected to launch sometime in the second quarter, according to the release.
GameStop also “continued to hire people with experience in areas such as blockchain gaming, e-commerce, and technology and operations” during the first quarter, including a new chief operating officer with a retail and store experience, the statement said.
Turning to GameStop’s numbers, net sales were $1.4 billion for the quarter, compared to $1.3 billion in the first quarter of fiscal 2021, with the company’s growth largely coming from part of its new and expanded brand relationships, according to the statement.
GameStop’s inventory was $917.6 million at the end of the quarter, up significantly from $570.9 million at the end of the first quarter of fiscal 2021, as part of the the company’s focus on improving inventory levels in line with growing customer demand and addressing ongoing supply chain complications.
GameStop rolled out its digital asset wallet in May, indicating that users can store, send, receive and redeem cryptocurrencies and NFTs on several decentralized apps without leaving their web browser.
Read more: GameStop gets into crypto, NFTs with launch of digital asset wallet
The GameStop wallet is a standalone Ethereum wallet. The wallet extension, which can be downloaded from the Chrome Web Store, will also allow users to transact on GameStop’s NFT Marketplace.