GameStop said it would drop any efforts with cryptocurrencies. After a net loss of $94.7 million in the third quarter and the layoff of employees from its digital assets division,
On Dec. 7, GameStop CEO Matt Furlong said it would “reduce aggressive interest in cryptocurrencies,” and said, “While we still believe there is long-term potential for digital assets in the gaming world, But we will not risk meaningful shareholder capital in this area.”
Earlier this year, the companysaidInterest in crypto, along with nonfungible tokens (NFT) and Web3 applications, is a potential avenue for growth, calling these gaps the “more relevant for gamers in the future”
from now on The company focuses on collectibles, games and second-hand goods.
GameStop has been pushing a number of Web3-related products, most recently the NFT marketplace running on ImmutableX, the layer 2 Ethereum blockchain.
Additionally, the company launched a self-custody crypto wallet and NFT marketplace on Loopring in March. Loopring is another Ethereum-based layer 2 protocol.
On December 5, GameStop just announced its third round of layoffs for 2022.
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