Yesterday, March 17th, GameStop released its latest financial report for the fiscal year ending 2021.
On Thursday, GameStop network released their financial report giving updates about the performance in the last fiscal year. GameStop is a network that sells consumer electronics, video games, and gaming merchandise.
In their recent report, the company showed improvements in their net sales from the preceding years. For instance, Q4 net sales increased by 6.2% to $2.25 billion. Moreover, there was a further increase in net sales compared to Q4 2019 and 2020.
Accordingly, the report indicates that the 2021 fiscal year net sales also improved from 2020. GameStop “Generated net sales of $6.011 billion for the fiscal year, compared to $5.090 billion for 2020.” The net sales increased by over 18% in one year.
One of the problems noted in the report is the loss in share prices. GameStop shares were highly volatile in 2021, gaining over 700%.
However, the shares have lost over 41% of their original high this year. According to several markets, sources show that the stocks are trading at just below $90. Their report also indicates that the network also lost about $1.89 per share in the previous fiscal year.
After announcing their end-of-fiscal-year report, GameStop highlighted their plans to introduce an NFT marketplace. The push for NFTs by GameStop has excited investors. These plans were initially announced earlier this year and caused slight price hikes in the share value.
In one of their reports in early February, GameStop announced their partnership with Immutable X. Immutable X is an Australian-based layer-2 solution designed to support Ethereum based NFTs. This partnership was aimed at helping GameStop create its NFT marketplace by the end of July 2022.
According to their release, their ImmutableX partnership was intended to help create a fund to assist NFT creators. Infact, they set aside about $100 million worth of IMX tokens to help NFT creators and developers use the new marketplace.
Their partnership also stipulates that GameStop will earn $150 million worth of ImmutableX tokens if they hit certain milestones. GameStop also noted that they hired
“dozens of additional individuals with experience in blockchain gaming, ecommerce, and technology, product refurbishment and operations.”
Their report also highlights that GameStop intends to create a system that supports the trading of billion of in-game assets and NFTs. Their main target is in-game skins and the digital real estate industry.
NFTs have played a significant role in the recent revolution of the gaming space. Now, gamers can generate massive amounts of passive income through NFT gaming. GameStop launching the marketplace intends to benefit from this fast-growing industry. Earlier this week, another crypto giant, Coinbase, announced plans for an NFT marketplace.
As the gaming world grows, there will be a high demand for the marketplace. Hence, GameStop and coinbase aim to be beneficiaries.
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