It’s a moment many GameStop (NYSE:GME) apes have been waiting for: the launch of its official NFT Marketplace. For now the site will hold primarily art pieces although GameStop is planning on offering video game-related NFTs in the near future. The move comes on the heels of the sudden firing of CFO Michael Recupero, as well as a round of layoffs across multiple divisions within the company.
GameStop has been working hard towards transforming itself from a brick and mortar retailer to a digital brand that is playing an active role in Web3. Earlier this year it launched a non-custodial digital wallet that holds cryptos and NFTs that it built with the Loopring blockchain. The NFT Marketplace is built in partnership with Immutable-X, which is another Ethereum Layer-2 solution.
So what does the future hold for GameStop? The stock is set to split in a 4 for 1 restructuring later this year. The split itself really has no meaningful impact on the business or the stock itself, and follows in a long line of other tech stock splits this year. These splits include from companies like Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), Shopify (NYSE:SHOP), and Tesla (NASDAQ:TSLA).
Shares of GameStop were little changed on Monday following the announcement of the NFT Marketplace. The meme stock has lost about 15% in 2022 and over 31% over the past 52-weeks of trading.
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