Skip to main content

GameStop’s latest pivot takes it into the NFT business

GameStop is adding another arm to its struggling business model. The company is getting into NFTs.

GameStop seems to be the last place people think would want to sell NFTs. But when other gaming companies like Square Enix and Ubisoft jumped on the controversial blockchain bandwagon, it made sense for the video game retail chain to join the trend.

The company posted a cryptic tweet on the official GameStop NFT account on Thursday with only two letters: “gm!” It’s obviously an acronym for “good morning,” but it’s the first (and so far only) tweet posted on the page since it went live in March. The simple tweet is already igniting controversy among fans who don’t want to see it saturate the gaming industry with more blockchain technology. However, the tweet served a dual purpose: It both signaled GameStop’s stock market win with a 3.45% increase earlier in the day, according to Seeking Alpha, and teased its NFT marketplace.

GameStop’s NFT marketplace is a platform for in-game digital assets that is built into an Ethereum-based cryptocurrency platform called Immutable X in order to sell the NFTs for a low price. It was slated to launch by the end of July, but Robbie Ferguson, the co-founder of Immutable X, indicated last month that it may launch four to eight weeks sooner, which puts the date somewhere between June 1 and June 3o.

Robbie Ferguson has tweeted that 4 major marketplaces are integrating with @Immutable in the next 8-12 weeks.

If one of those is GameStop NFT, this would place a launch date between June 1st and June 30th, 4-8 weeks sooner than #GME’s launch deadline of July 31st, 2022.

— (@GMEdd) April 7, 2022

This news comes just as GameStop found itself embroiled in a legal labor scandal. Polygon reported that a former GameStop worker filed a class-action lawsuit against the company for allegedly violating New York labor law. The suit claims that GameStop paid him and other employees every two weeks instead of weekly as required by New York Labor Law Section 191 since 25% of their job requires manual and physical labor.

Cristina Alexander
Cristina Alexander has been writing since 2014, from opining about pop culture on her personal blog in college to reporting…
GameStop will require masks for customers, but employees can’t enforce the rule
gamestop powerpass program detailed special mem5

GameStop will now require everyone entering its stores in the U.S. to wear a mask when shopping, but employees won't be able to enforce the measure.

“We believe this is the right thing to do to ensure the health, safety, and well-being of our associates and customers from the growing spread of COVID-19,” GameStop CEO George Sherman said in a statement. “Providing a safe environment in our stores for all customers and store associates continues to be our top priority, and wearing a face covering is a simple step every one of us can take to ensure the safety of others in our stores.”

Read more
GameStop online sales soar 519% during the coronavirus lockdown
gamestop powerpass program detailed special mem5

GameStop was hit hard by store closures during the height of the coronavirus pandemic, but its online performance was a sign of hope for the game retailer.

The main takeaway from the report is that GameStop brought in half a billion dollars less than it did during the same time last year, which is blamed on the temporary closure of its stores nationwide due to lockdowns put in place to stem the spread of the coronavirus. But its online sales were way up, as in up more than 500% over last year.

Read more
GameStop CEO takes 50% pay cut as some stores begin to reopen
GameStop storefront from outside.

GameStop is beginning to reopen stores in several countries, including the United States, and is making some salary cuts to help weather the coronavirus pandemic.

The gaming retailer is reopening stores in Italy, Germany, and Austria, as well as South Carolina and Georgia in the U.S., and will do the same in other countries and states where legally allowed. One-third of its U.S. locations will remain closed while the remainder will continue curbside pickup.

Read more