Games

Sales struggle in GameStop, instead bet on NFT

GameStop, on an earnings conference call, announced that the company is facing a loss of $381 million for fiscal year 2021. With the rise of digital gaming and the Covid pandemic, retailers blame the impact of GameStop sales on a multitude of factors. To combat this, GameStop is looking to a future with NFTs and alternative cryptocurrencies.

How GameStop Sales Lead to NFT

GameStop drops NFT Crypto sales

GameStop CEO Matt Furling revealed in meeting that the retailer plans to restore:

“The combination of supply chain issues and omicron variation had a sizable impact on last year’s holiday season. We made a conscious decision to absorb and lower costs higher to meet the needs of our customers. We feel and continue to feel that investing in our customers and rebuilding loyalty with our brand now is in the company’s best interest in the long run. ”

To reduce losses, Furling has said that GameStop has chosen to eliminate many outside consultants and believes that GameStop should become a “customer-obsessed technology company”. In particular, he wants the company to invest in the lucrative NFT market:

“We see significant long-term potential in the over $40 billion market for NFTs. We will continue to take steps to create new services and targeted staking in blockchain and crypto games. We learned from the mistakes of the last decade when GameStop failed to adapt to the future of gaming.”

GameStop has announced a partnership with Immutable X, an Australian-based cryptocurrency company built on the Ethereum blockchain. They plan to set up a $100 million fund to fund companies that want to create NFT technology and content. Immutable X is the developer of Gods Unchained, a digital card game that uses a “play for money” model.

In other news, Gran Turismo 7 has been bombed on Metacritic and the Hogwarts Legacy will be free of microtransactions.

https://www.gamerevolution.com/news/703778-gamestop-sales-losses-nft-crypto Sales struggle in GameStop, instead bet on NFT

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