Video games retailer GameStop announced the Beta release of their much anticipated online market for nonfungible tokens (NFTs) on Monday as the company reinvents itself to remain competitive in the market.
The NFT marketplace will allow users with digital assets and a digital assets wallet to buy NFTs of virtual goods. According to Gamespot, the marketplace will eventually evolve to include Web 3.0 features.
The company has been well-known in the last few years. It has been having trouble with its finances as well as seen a rapid shift in the way video games are sold. Currently, the company is led by activist vendor and chairman Ryan Cohen.
GameStop had been written off a while ago by investors who saw it only as a money pit. But Cohen has been trying to change that view. In January this year, the company has acquired EB Games and Micromania.
The push into the NFT market is likely the dying throes of a company that hass been around for almost as long as Silicon Valley has been. The market for NFTs had shot up just a couple of months ago. Between November and December, the market for digital currencies is allegedly to grow to $54 million according to Salesforce. Still others say that Gamestop’s move comes at a time when it is too little too late.
Since the pandemic years, things seem to be winding up and business moves that were doing well, like NFTs, aren’t looking very hot to many right now. Even though companies like Meta are making a huge push for things like avatars and the metaverse on its own platforms, the adoption of NFTs has significantly cooled, leaving both creators and buyers in a lurch.
Since the pandemic began, the company has been trying very hard to balance its sheets, and has not been doing a very good job at it. In 2021, the company lost $66 million against a $1.27 billion revenue. Since they won’t tell, up till April 30 of this year, the company has lost a whopping $157.9 million