The largest American retail network for the sale of video games GameStop has resumed the development of its own platform for trading in collectible tokens.
GameStop began development on the platform back in mid-2021, but progress has stalled since then. In January 2022, the company launched a dedicated NFT and Web3 development division. At the same time, a partnership was announced with Immutable X, a developer of a solution for scaling the Ethereum network.
It is possible that the decision to speed up the launch of the NFT trading platform is related to the operational results of GameStop – the company received a loss of $147.5 million in the fiscal IV quarter of 2021. This is 83% lower than the same period last year.
GameStop’s NFT trading platform is expected to launch as early as the end of Q2 2022. True, it seems that we are again talking about financial periods, so the launch of the platform should be expected closer to the end of the calendar year.
Recall that at the beginning of 2021, an unusual event occurred with the shares of the GameStop network – hedge funds and institutional investors bet on the fall in the share price, however, the community of traders on the Reddit forum decided to “punish” the funds and began to buy back the shares of the network.
As a result, GameStop’s shares rose by hundreds of percent, and their volatility exceeded that of the cryptocurrency market. However, now the share price of the network of gaming stores continues to fall. Since the beginning of the year, the company has lost 40% of its capitalization.
