GameStop asserts newly unveiled NFT Marketplace was inconsequential to its 2022 returns
Activities relating to the freshly initiated NFT Marketplace by GameStop (GME) have not attracted significant losses or gains worth reporting, according to GME’s Form 10-K.
Hits and misses by GameStop NFT Marketplace
GameStop (GME)’s most significant move in 2022 was to create an NFT Marketplace with ImmutableX. The company was on the verge of bankruptcy but cringed on creating a successful project to grasp its gaming and tech merchandising position. The company made a Marketplace to tap into the non-fungible tokens (NFTs) craze, as it was taking the world by storm early last year.
According to the 2022 annual filing, GameStop never gained from the operations of its NFT Marketplace as anticipated. The report indicates no significant impact of the project on 2022 revenue.
GameStop Form 10-K
Details retrieved from Page 53 of Form 10-K Yearly Report of GameStop specify the nature of its NFT Marketplace. There was no news to report relating to the Marketplace. The report read:
“Amount netted by NFT marketplace and wallet were inconsequential to the 2022 consolidated financial statements. (…) There were no significant profits or losses to report,”
Information from the lately released report affirms that the NFT Marketplace by GameStop does not expense the company in funding operations. However, the marketplace is not an extensive revenue spring for failure to raise reportable profits or losses.
Surviving in the industry
It is crucial to credit GameStop NFT Marketplace for its resilience in the sector, where some large companies succumbed following the bearish nature of NFTs and crypto during the end of 2022.
Additionally, court cases geared to dislodge the protection of NFTs from the First Amendment continue to invoke distress on digital assets and crypto merchandise since the unveiling of GameStop Marketplace.
Importantly, even if the operations of GameStop’s NFT Marketplace do not contribute to the company’s revenue, there are no reports that it is draining GameStop.