GameStop launches NFT marketplace after layoffs

An astronaut with the GameStop logo on his spacesuit reaches for an NFT.

Image: game stop

On Monday, GameStop celebrated the launch of its NFT marketplace. Its Ethereum-based depot for virtual autographed JPEGs comes just days after the meme storage giant ruthlessly laid off more employees. a little broken in places.

No one seems to be able to understand the meaning of GameStop. current business strategy, least of all his turn to cryptography. Earlier this year, the ailing gaming retailer released the GameStop wallet in May, which users could download to exchange cryptocurrencies and “secure NFT storage.” Since then, cryptocurrencies have collapsed, and the NFT market almost everything collapsed.

One of the former high-ranking employees, who wished to remain anonymous while looking for a new job, told Kotaku they were skeptical that the company’s crypto team was big enough to launch anything that would significantly affect GameStop’s profits. They also believed that it was mainly aimed at getting investors and people on Reddit interested.

“As noted last week, our leadership team is committed to profitably growing our commercial business and launching new products, including those developed by our blockchain team,” said CEO Matt Furlong. resignation notice last weeksaid the staff today in an email (a copy of which has been verified Kotaku). “GameStop of the future has a unique opportunity to anticipate and meet a growing range of customer requirements and a unifying interest in our stores, web and virtual world.”

Furlong continued:

With this context in mind, I am pleased to announce the launch of our NFT marketplace: Today’s launch reflects months of hard work on the part of our blockchain team and many within the organization. It is also the result of our ability to form new partnerships with artists and creators, as well as technology partners, including Loopring and Immutable. While we have a lot of work to do, this launch shows the extent of GameStop’s transformation as we embrace changes and open up new areas of opportunity.

The launch and accompanying praise came just four days after the latest round of layoffs at GameStop’s corporate offices. According to one current and one former employee, about 160 employees were made redundant. Three employees of the gaming magazine Games Informant, owned by GameStop, was also affected. GameStop’s corporate offices faced a similar series of layoffs in May, while Games Informant actually halved the staff over the past year, Axios reports.

GameStop store employees are also struggling to keep up with understaffing and underpayments. Meanwhile, GameStop has earned $1 billion windfall In the past year selling off his bloated stock of memesand his executives revolving door has continued to bring in millions in total remuneration.

Perhaps this is what the Dankclops#69 NFT is designed for. The most expensive NFT on the market at $7,890 is certainly not for store managers who make just $15 an hour or recently laid-off employees in corporate offices, some of whom only received a monthly severance pay. Said one of the former employees Kotaku they didn’t even get two weeks. But sometimes that’s how NFTs fall apart.

Related Post

Leave a Reply

Your email address will not be published.