The TV game and entertainment software retail giant GameStop launched its long-awaited non-fungible token (NFT) market. As the crypto industry collapsed, sales of this type of digital art were drying up.
Ryan Cohen, chairman of GameStop, said the move was aimed at turning the tide by expanding its line of digital services and online products. Several other companies entered the market before the NFT speculation boom subsided. Earlier this year, Coinbase, the largest U.S. cryptocurrency exchange, launched its own marketplace for NFTs.
In June, e-commerce giant eBay acquired NFT marketplace KnownOrigin. GameStop hopes to build advantage by leveraging its existing customer base, as gamers are one of the biggest enthusiasts in the NFT industry. But now, the NFT market has turned bad.
In June, data from tracker DappRadar showed that for the first time since June 2021, sales in the market for tokens such as bored apes and pudgy penguins fell below $1 billion. The world’s largest NFT marketplace, OpenSea, saw its June sales drop by more than 70 percent month-on-month, according to blockchain research tool Dune Analytics.
Last week, GameStop said it had fired its chief financial officer and announced layoffs in hopes of turning the business around.
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