GameStop Debuts NFT Marketplace

GameStop, NFT, marketplace, Ethereum

GameStop rolled out a new non-fungible token (NFT) marketplace Monday (July 11), letting gamers, creators and collectors buy, sell and trade the digital art collectibles.

The marketplace lets users connect their own digital asset wallets to the marketplace, including the GameStop Wallet, according to a company release. The noncustodial Ethereum Layer 2-based marketplace also allows users to own their assets, which will be secured on the blockchain.

GameStop said the functionality will be expanded over time to add more categories, including Web3, gaming and more content from other creators, along with other Ethereum environments.

This news comes as GameStop has recently announced several changes to the company’s employee base, including the firing Chief Financial Officer Mike Recupero and other corporate-side job cuts, PYMNTS wrote.

Read more: GameStop Fires CFO Mike Recupero, Announces Layoffs

Recupero had only joined the company around a year prior, and an anonymous source said Recupero been fired by chairman Ryan Cohen due to not fitting the company’s culture and being “too hands off.”

The CFO role will now be handled by current Chief Accounting Officer Diana Jajeh. According to the anonymous source, there are additional layoffs happening on the corporate side, as the company has been looking to eliminate bloat.

GameStop is also transitioning into a new kind of company as it tries to adapt to the digital world, as a good portion of the video game environment is mostly online these days. The company has been working on entering the world of crypto, blockchain and NFTs for some time, as its first quarter earnings showing some new hires and plans in that direction.

See also: GameStop Jumps Into Crypto, NFTs With Digital Asset Wallet Launch

The company made headlines early in 2021, with the trend of “meme stocks” placing renewed focus on the company as retail traders bought lots of stocks to try and offset the predictions of failure from big hedge funds.

But all the while that was going on, GameStop didn’t have many updates on the overall corporate strategy, preferring to keep things closer to its chest.

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