GameStop has ended its focus and efforts on cryptocurrencies, after millions net loss in the third quarter and laying off staff from its digital assets department.
Matt Furlong, the CEO of GameStop said it proactively minimized exposure to cryptocurrency over the year and does not currently hold a material balance of any token.
The company earlier said it was looking at crypto, along with NFTs and Web3 applications, as avenues for growth calling these spaces increasingly relevant for gamers of the future.
The companies move in the NFT space are still seemingly going ahead as it says its also pursuing, and plan to continue to pursue, other business and strategic initiatives associated with digital assets and blockchain technology.
GameStop has pushed numerous Web3-related products, the most recent being its NFT marketplace that went live on ImmutableX, an Ethereum layer-2 blockchain, on Oct. 31 following a July public beta.
Prior to its NFT marketplace, in May the company launched a beta self-custody crypto wallet and beta NFT marketplace on Loopring in March, Loopring is another Ethereum-based layer-2 protocol.
