American electronics retail company GameStop has decided to forgo its cryptocurrency-related focus.
After laying off staff from its digital assets department and experiencing net losses of $94.7m over the third quarter of 2022, the organisation will no longer concentrate on crypto but still go ahead with its NFT and blockchain plans.
The move is a shift from one made earlier this year where GameStop said it was looking at crypto, NFTs and web3 applications as possible avenues for growth. The company described them as “increasingly relevant for gamers of the future”.
GameStop CEO Matt Furlong said over the year the firm “proactively minimized exposure to cryptocurrency” and “does not currently hold a material balance of any token”.
“Although we continue to believe there is long-term potential for digital assets in the gaming world, we have not and will not risk meaningful stockholder capital in this space”, he continued.
The gaming merchandise retailer is also pursuing and planning “other business and strategic initiatives associated with digital assets and blockchain technology”, according to a filing with the US Securities and Exchange Commission.