Gamestop Corp. (NYSE:GME) partnered with non-fungible token project ImmutableX (CRYPTO: IMX) at the beginning of the year — now the firm has announced that it will make millions in crypto thanks to the deal.
What Happened: Gamestop will earn $150 million in IMX tokens upon the “achievement of certain milestones," according to a Friday report by Cointelegraph. This alone could make up for the firm's net loss of $147.5 million during the fourth quarter.
Why It's Important: As Benzinga reported, CEO Matt Furlong said on the company’s fourth-quarter earnings call on Thursday that GamewStop is a different company than it was at the beginning of the fiscal year.
He said he's “starting to turn GameStop into a customer-obsessed technology company, one that has wider offerings, more competitive pricing, faster shipping, stronger customer service, and an easier shopping experience.”
Part of GameStop's transformational efforts are to fund a dedicated blockchain team and investing in creating an NFT marketplace, which the company expects to launch by the second quarter.
Furlong said that the company sees significant long-term potential in the NFT market and the organization will also "make targeted bets in blockchain gaming and cryptocurrency."
GME Price Action: GameStop shares are up 1.08% at $88.65 Friday morning.
