GameStop discontinues its crypto focus after $95m loss

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Last Update: December 9, 2022

2 mins read

The firm will now shift its efforts toward its NFT initiatives.

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.

Now, to continue its moves in the NFT sector, GameStop’s focus will shift to collectibles, gaming and pre-owned items.

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.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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