The company is betting on emerging tech like NFTs as it works to strengthen its e-commerce operation.
The former president of Nintendo America described being sidelined by the board chairman and his allies before stepping down from the board of directors last year.It missed out on the video game industry’s move from physical software sales to digital, but the retailer has signaled to investors that it’s serious about capitalizing on the burgeoning world of non-fungible tokens beginning with its launch of its NFT marketplace later this year.
Wedbush Securities analyst Michael Pachter said seeing GameStop lose money over the holiday season was shocking, and he questioned whether an NFT marketplace for gaming led by GameStop is even feasible. The analyst pointed to GameStop’s history of serving console gamers and largely ignoring PC gaming. The retailer would need to develop partnerships with console-makers Microsoft, Sony and Nintendo to make its NFT marketplace compatible with consoles. On PCs, it would likely need a video game distribution platform like Steam or a relationship with one.
“How do you get your NFT into the game? And if you’re the game developer, do you want GameStop to take a cut?” Pachter said. It’s unclear how GameStop’s marketplace would function. In its filings, GameStop lists its new initiatives in the NFT space as a potential risk to investors.
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