GameStop has announced it will no longer focus any efforts on cryptocurrencies, after posting $94.7m in net losses for the third quarter of 2022. CEO Matt Furlong said on a recent earnings call that the company had “proactively minimized exposure to cryptocurrency” over the year, and “does not currently hold a material balance of any token.”
Going forward, GameStop will shift its focus to collectibles, gaming, and pre-owned items. However, it has not ruled out pursuing other business and strategic initiatives related to digital assets and blockchain technology.
GameStop’s plans within the non-fungible token (NFT) sector are still apparently going ahead. In a filing with the Securities and Exchange Commission on 7 December, the company said it was “also pursuing, and plan to continue to pursue, other business and strategic initiatives associated with digital assets and blockchain technology”.
GameStop has previously pushed a number of Web3-related products, including its NFT marketplace, which went live on ImmutableX, an Ethereum layer-2 blockchain, in October. The company also launched a beta self-custody crypto wallet and NFT marketplace on Loopring in March.
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