Sunday, December 4, 2022

Gamestop Reported $76.9M In Proceeds From Digital Asset Sales

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GameStop reported $76.9 million in proceeds from the digital asset sales and confirmed its intentions to launch an NFT marketplace in the second quarter so let’s read more today in our latest cryptocurrency news.

The Video Game retailer GameStop reported $76.9 million in proceeds from digital assets sales of the IMX tokens and recieved a part of the partnership with NFT scaling platform Immutable. Back In February, the IMX tokens were granted as a part of the deal with Immutable and generated $76 million but the company reproted negative cash flow for the $236 million. Gamestop took note of continued steps to support the launch of the digital wallet with intentions to open the NFT market in the second quarter. Speaking on the earnings call, the management said the wallet can see major downloads from the Chrome App store, said CEO Matt Furlong:

 “We firmly believe that digital assets are core to the future of gaming.”

gamestop

Gamestop added Loopring as another scaling partner alongside Immutable X and the Gamestop ETH NFT marketplace will support its layer-2 technology alongside Immutable X. The users can connect a wallet to the Beta version of the marketplace but the trading functionality is not live yet. The video game retailer is embracing the world of crypto as it pivots the business away from physical goods and its long-teased NFT marketplace is taking the final shapes. The retailer launched a limited-functionality beta that is built on ETH’s scaling provider Loopring.

The new wallet that Gamestop launched is a non-custodial one and allows users to connect to DEFI platforms from their web browsers. The company said the allowance will be provided by the digital asset wallet and will allow gamers and others to receive, store and use crypto and NFTs across the decentralized apps without having to leave the web browsers. The new wallet is based on the Ethereum blockchain and can be obtained by visiting the Chrome Web.

The TExas-based company which is known for meme stock trading, charted a new path for itself to bring more value to the users and the company at large. The company’s stock surged in an unusual way back in January and revealed a grand entry into the world of NFTs and the crypto ecosystem.

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