GameStop Sales Beat Estimates With Shift to Crypto and NFTs

Despite its lack of presence in mobile and the Wall Gardens of consoles, GameStop is beating Wall Street sales estimates and has shifted its focus to cryptocurrencies and the PC market. Despite the shift, GameStop has been hampered by supply chain issues and a murky business model. The shift to crypto and NFTs may solve that problem, but it isn’t a sure-fire way to increase sales.

While the CEO of GameStop has not said much publicly about GameStop’s plans to enter the cryptocurrency world, the company has launched a digital asset wallet that allows gamers to store, send, and receive cryptocurrencies and NFTs. It will use this wallet in its new NFT Marketplace. But analysts aren’t sure that GameStop can become a dominant player in the NFT market. Further, the recent selloff of cryptocurrencies hasn’t helped GameStop’s efforts to gain market share.

GameStop’s shift to crypto and NFTs also highlights the company’s intention to build an NFT marketplace and accept specific cryptocurrencies for purchases. That goal resonated with investors and may help the company become more successful. Major publishers, for example, could team up with developers to make NFTs work across titles. This would allow users to use NFTs to purchase in-game items across different titles.

While cryptocurrencies aren’t yet a major player in gaming, the NFT market can be profitable for the company. Whether GameStop succeeds in this space or not depends on the market for game-related services. But GameStop has a lot to gain by launching an NFT marketplace. The NFT marketplace could help the company to improve its competitive edge.

Sorare: MLB is now live! Get started now!

X