GameStop will exit the cryptocurrency market

A well-known American video game retailer, GameStop, announced in a press release that it suffered a massive loss in the third quarter of 2022. The total loss is $94,700,000. The management said that the path of cryptocurrency initiatives, which GameStop had chosen for itself for some time, would have to be abandoned.

The company laid off a lot of employees, most of whom worked in the fields of blockchain and non-fungible tokens. However, GameStop CEO Matt Furlong reports that digital assets have a long-term outlook:

While we continue to believe that there is long-term potential for digital assets in the gaming world, we have not and will not risk significant shareholder capital in this space.

Furlong said that GameStop decided to minimize the risks in the direction of price changes in the cryptocurrency market as much as possible and will not engage in such investments now. Such statements are the exact opposite of what GameStop said in the summer. Then the management announced that they intended to conquer the cryptocurrency market, and considered the NFT-sphere and Web3 technology as the main opportunity for business growth.

Now GameStop have named a different course of development for their business. Instead of focusing on crypto investments, the retail store will continue to expand its video game product line as it has always done, as well as diversify its range of collectibles and used items.