{"id":71232,"date":"2022-12-09T12:00:45","date_gmt":"2022-12-09T10:00:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71232"},"modified":"2025-09-08T07:14:49","modified_gmt":"2025-09-08T04:14:49","slug":"gamestop-to-wind-down-crypto-initiatives-after-third-quarter-losses","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/gamestop-to-wind-down-crypto-initiatives-after-third-quarter-losses\/","title":{"rendered":"GameStop to wind down crypto initiatives after third-quarter losses"},"content":{"rendered":"

The American video-game retailer GameStop, for the third quarter, recorded<\/a> a net loss of $94.7 million. Management said it would abandon plans related to digital assets.<\/p>\n

The company carried out its third round of layoffs this year, largely affecting blockchain and NFT specialists, according to Axios<\/a>.<\/p>\n

\n

\u201cAlthough we still believe there is long-term potential for digital assets in the gaming world, we did not risk and will not risk significant shareholder capital in this space,\u201d<\/em>\u2014 said<\/a> CEO Matt Furlong.<\/p>\n<\/blockquote>\n

The executive said the company had \u201cminimised the risks of cryptocurrency price swings\u201d over the year and \u201ccurrently has no material investments.\u201d<\/p>\n

The comment contrasts with GameStop’s stance in June<\/a>, when digital assets, NFTs and Web3<\/a> applications were identified by management as opportunities for business growth.<\/p>\n

The company intends to achieve profitability and sustained growth in the long run by expanding its product range in video games, collectibles and used items in its assortment.<\/p>\n

GameStop intends to \u201cimplement launched initiatives related to digital assets and blockchain technology.\u201d<\/p>\n

In September, the GameStop chain became<\/a> the primary retail partner of FTX US in the United States. On November 11, the collaboration ceased<\/a> amid the platform collapse<\/a>.<\/p>\n

In November, GameStop added<\/a> on its NFT marketplace for Ethereum-Layer-2 protocol<\/a> from Immutable.<\/p>\n

The American company introduced<\/a> a beta version of the platform in March. The basis for the marketplace was the Loopring L2 solution. Initially, the American company announced the use of Immutable’s solution<\/a>.<\/p>\n

The full launch of NFT marketplace occurred in July<\/a>.<\/p>\n

Read ForkLog\u2019s Bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

GameStop posted a net loss of $94.7 million for the third quarter. Management said it would abandon plans related to digital assets.<\/p>\n","protected":false},"author":1,"featured_media":71233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1243,1213],"class_list":["post-71232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-gamestop","tag-nft"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=71232"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71232\/revisions"}],"predecessor-version":[{"id":71234,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71232\/revisions\/71234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/71233"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=71232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=71232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=71232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}