GameStop fires CEO Matt Furlong months after axing crypto push
The executive, once instrumental to the company’s NFT efforts, was “terminated” amid lackluster Q1 earnings.
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Značka: GME
Nifty News: GameStop NFT's first day, Limewire trends and game dev attacks!
GameStop’s new NFT marketplace took home roughly $44,500 from transaction fees in the first 24 hours after it launched via a public beta on Monday. GameStop NFT reportedly generated around $1.98 million worth of NFT sales on its first full day of business. As the platform charges a 2.25% fee on NFT sales, this equates to roughly $44,500 worth of fees. While that sum may seem underwhelming, considering it would represent just 0.27% of GameStop’s daily revenue for 2021, it depends on your perspective. According to gaming news outlet Kotaku, GameStop had 4,816 stores across the U.S. at the start of 2021, which on average accounted for $3,426 worth of daily net sales for the company. To provide further contrast, despite much anticipation in the lead-up to its launch in May, Coinbase NFT generated just $75,000 worth of NFT sales on its first day, and took roughly a month to generate $1 million worth of sales volume. Coinbase NFT also offered zero fees to attract new users that month. GameStop NFT, which is based on Ethereum Layer 2 Loopring, is currently home to a long list of new and unknown NFT projects. However, it will soon be home to several projects from Ethereum Layer 2 scaling solution, Immutable X such as Gods Unchained, and Guild of Guardians. The duo partnered back in February to develop NFT games together. At this stage, the MetaBoy NFT project depicting animated GameBoy-like console avatars is the marketplace’s top-selling collection so far, and has generated 989.597 ETH worth of volume, or $1.1 million at current prices. Top 10 selling projects: GameStop NFTWhen game devs attack: ‘Why NFTs are a nightmare’Video game developer Mark Venturelli launched a surprise attack on NFTs during Brazil’s International Games Festival on Friday. The event was sponsored by multiple NFT/blockchain companies such as Lakea and Ripio.Venturelli, known for his work on Chroma Squad was penciled in to provide a virtual presentation on the future of gaming, however after introducing himself he promptly switched gears by launching into a tirade about “why NFTs are a nightmare.”Venturelli’s presentation, which also has an English version, essentially argues that the introduction of speculative economic activity via NFTs will end up ruining the experience for people who just want to play games for fun.During an interview with PC Gamer on July 11, Venturelli said:”What’s actually going to happen is that organized groups are going to operate and scale with ever-diminishing margins, and just push out everybody else. Because that’s what happens. If you play EVE Online or Runescape, or any other game that simulates economy, that’s what happens.” “Organized groups are going to fucking crush you. What actually is going to happen is that if you just naively play a game and have fun—imagine that—then you want to sell your stuff, your stuff is not going to be worth anything,” he added.Tony Hawk drops in… to the MetaverseSkateboarding icon Tony Hawk has partnered up with The Sandbox to build the “biggest skatepark” in the Metaverse. The move was announced on July 13, and early previews show users socializing at Hawk’s skatepark and the ability to build customized courses their avatars can skate around. Specifics are sparse at this stage, but Hawk noted that it will be the “biggest skatepark” to hit the Metaverse. The deal marks another notable mainstream partnership for The Sandbox this week, after Playboy announced that it was launching the MetaMansion on the platform. Coming soon to The Sandbox: alongside @Autograph, I’m helping to create the biggest skatepark in the #metaverse. Stay tuned for updates. pic.twitter.com/0R2ODsR4qt— Tony Hawk (@tonyhawk) July 13, 2022Limewire is back with a bang Limewire, the brand famous for providing file sharing/pirated music between 2000 and 2010, is trending on Twitter this week following its relaunch as a music and entertainment focused NFT platform.Limewire is trending, and no it’s not the Limewire that used to give your computer viruses. The company has now rebranded as a music NFT marketplace. Now that Limewire has released its new promo, the internet has some thoughts (: @limewire) pic.twitter.com/RB4Gp7o2XE— What’s Trending (@WhatsTrending) July 13, 2022
The platform launched on July 7 and has nothing to do with the torrent software apart from purchasing the rights to use the name. It has partnered with iconic musicians from the 2000’s such as Soulja Boy to spread the word. Many people on Twitter have since had fun pointing out the irony of Limewire going from an music pirating platform, to selling NFTs in which their artwork can easily be “stolen” via a right-click and save. Limewire has joined in on the fun however by retweeting such memes.https://t.co/b7jS5TLhY9 pic.twitter.com/ycuZEbddXN— LimeWire (@limewire) July 13, 2022
Related: UK court allows lawsuit to be delivered via NFTOther Nifty News: Blockchain analytics service Nansen published its NFT Indexes Report for the second quarter of 2022, with the data showing June recorded the lowest figure of the calendar year despite buyers remaining consistent. China’s biggest city Shanghai officially intends to boost the development of innovations such as blockchain, NFTs, the Metaverse and Web3 during its next five-year plan.
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GameStop looks toward NFT marketplace launch after big Q4 loss
Much loved retail video game store chain GameStop (GME) is looking ahead to its long-awaited NFT marketplace and Web3 gaming unit after suffering a net loss of $147.5 million during Q4 2021 GameStop quietly built a barebones NFT website in mid-2021 but has significantly ramped up efforts this year after unveiling an NFT and Web3 gaming division in January along with penning a major partnership with Ethereum (ETH) scaling solution Immutable X the following month to build an NFT marketplace. As part of the Q4 results — ending on January 29 and published on March 17 — GameStop revealed that it intends to launch its NFT marketplace by the end of Q2 2022.$GME will reportedly open their NFT marketplace at the end of their second quarter 2022.SHARE THIS ASAP! #GME #gamestop #stocks #news pic.twitter.com/CW2oDPHul1— carlostrades (@rockstar_stocks) March 17, 2022The firm also highlighted that the Immutable X deal is set to fetch the firm $150 million worth of IMX tokens upon the “achievement of certain milestones,” and noted that it has hired “dozens of additional individuals with experience in areas such as blockchain gaming, e-commerce and technology, product refurbishment and operations.”GameStop’s net loss of $147.5 million is 83% worse than the year prior, while its loss of $1.94 per share sits well outside of Wall Street’s estimates of $0.84 earnings per share. The price of GME appears to have been significantly impacted by the publishing of GameStop’s Q4 financials, with the price dropping 7.31% sit at around $81.29 at the time of writing. GME has, been on a strong downward trend this year despite positive developments in its Web3 initiatives, with the price dropping more than 40% since the start of January. Related: ApeCoin announcement surges BAYC floor price to near-ATH before correctionDiving into the report a bit further, GameStop posted $2.254 billion worth of sales last quarter, a slight increase on the $2.122 billion a year prior. A major hindrance on the latest figure was the $1.87 billion cost of sales, while selling, general and administrative expenses totaled $538.9 million. The firm was able to raise more than $1.67 billion in capital which was enough to eliminate “all of the Company’s long-term debt, other than a $44.6 million low-interest, unsecured term loan associated with the French government’s response to COVID-19.” Despite a bearish trend in the NFT market over the past couple of months, GameStop’s partner Immutable X has gone from strength to strength, the firm announced a $200 million Series C funding round at a $2 billion valuation on March 8, which sent the price of IMX surging roughly 50% within 24 hours to around $1.78. Since then the price has retraced to around $1.54.
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GameStop stock up on rumors of Microsoft NFT game partnership
The stock price of popular video game store chain GameStop (GME) surged roughly 13% in one day amid rumors circulating online regarding a partnership with Microsoft to work on NFT gaming. At the time of writing, GME sits at $115.60 as of market close on Feb. 8 and has also held around that level in after-hours trading according to data from TradingView. GME started February at around the $100 region and has been pumping this month on the back of GameStop’s partnership with NFT focused Layer-2 Ethereum scaling solution Immutable X to develop its upcoming NFT marketplace. As part of the deal, GameStop is also rolling out a $100 million grant program denominated in IMX tokens for NFT content creators and tech developers.The latest rumors circulating via channels such as Reddit and Twitter suggest that GameStop may team up with Microsoft to launch NFT integrations into existing games, along with creating new NFT focused games. Microsoft partnering with GameStop for #NFT and #Metaverse ?? big companies behind the curve will scoop up the existing industry leaders that have been building the space already.— AF (@OmniFurukawa) February 8, 2022Twitter user “P_MackD” shared a photo earlier today that contained compiled screenshots of tweets from Immutable X and Microsoft execs cryptically posting the “probably nothing” meme regarding the major partnership with GameStop. Yorke Rhodes III in particular, the director of Microsoft’s blockchain department tagged Xbox, Microsoft and GameStop in his tweet, potentially hinting that the tech giant may have a role to play in the Immutable X and GameStop partnership behind the scenes. Best graphic I’ve seen about all this nothingness so passing it on. Probably nothing though…#GameStop #gme #Microsoft #must#immutableX #loopring #Apple #lrc pic.twitter.com/9vCZn33O5a— moonape.nft (@P_MackD) February 8, 2022
While it is unclear what the exact connection between the three parties is, a Feb. 6 post on the r/Superstonk Reddit community outlined a notable hypothesis of what the partnership could entail. Commenting on Microsoft’s major $69 billion acquisition of gaming giant Activision Blizzard, bamfcoco1 pointed to the firm’s turn-based player vs player collectible card game Hearthstone as something ripe for NFT integrations via Immutable X and GameStop.Related: 3 things every NFT investor should know to avoid a tax nightmareThe Redditor argued that Hearthstone’s declining user base from a peak of roughly 23.5 million to 3.5 million was partly due to the hefty costs of card collecting and lack of true ownership over the user’s assets, something which could be solved via NFT integrations: “With the ability to freely mint and trade NFTs on Immutable X’s platform, it’s a no brainer. GameStop could launch Hearthstone on their brand new Web3 platform by simply making an NFT for every card and then distributing them accordingly to users’ existing card collections. It’s about as easy as it would get.”It appears that Web3 and NFT related announcements have a strong impact on the price of GameStops shares. Cointelegraph reported in early January that the price of GME gained a whopping 26% in after hours trading after the unveiling of the firm’s new NFT division.
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GameStop shares jump 26% in after hours trade after NFT division unveiled
The share price of Reddit’s cult-favorite stock GameStop Corporation (GME) jumped by one quarter (in after-hours trading following a Wall Street Journal report on its upcoming NFT division. The U.S. retail game store giant has been quietly working on an NFT marketplace since May, and ramped things up in October by listing several job openings for Web 3.0 and NFT-experienced software engineers and product marketers. According to a Jan. 6 report from the WSJ, GameStop has now hired more than 20 people to operate its freshly minted NFT unit. An unnamed source familiar with GameStop’s plans told the outlet that the unit is building an NFT platform that enables the buying, selling and trading of gaming NFTs, along with establishing key cryptocurrency partnerships. The marketplace is slated to launch later this year, and the firm is said to be close to penning partnerships with two crypto companies that will share technology and co-invest in the development of blockchain and NFT games, along with other additional NFT projects.The news was warmly welcomed by after-hour traders who drove the price of GME up 26% since th market close to sit at $162.48 at the time of writing according to Tradingview. After-hours trading (AHT) is often quite volatile due to a lack of liquidity in the market but impacts the price of a stock in a similar way to regular trading. However, the WSJ’s lack of named sources, or direct confirmation from GameStop has raised the eyebrows of some more conspiratorially-minded GME fanatics. In a post that has 1,100 comments and a 97% upvote ratio on the r/Superstonk Reddit community, user “u/brettmagnetic” questioned if the WSJ article could actually have that much of a bullish effect on after-hours GME trading. “Sorry, but I don’t believe the movement in price after hours has to do with the WSJ posting about the Gamestop NFT market. I think something else is happening and this article was put out to give the NFT market as the scapegoat for the price increase.”User “MrFlags69” echoed similar sentiments, arguing that: “The author credited ‘the people’ as the only source I saw. This is anything but journalism.”Neither GameStop nor RC said shit today. WSJ is not on GameStop’s side. I’m not convinced that the AH bump was due to news about an NFT marketplace but rather a cover story for something going on BTS like forced FTD covering or margin calls. In any case, I buy and hold. pic.twitter.com/jDQFtTYIBr— ssddman.eth (@0xssddman) January 6, 2022
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