Get this delivered to your inbox, and more info about our products and services. GameStop will focus on attracting developers and players to use its marketplace, with the aim of becoming a hub for digital economies. However, the bottom line compared favorably with the year-ago fiscal . The earnings are largely attributed to. The earnings are largely attributed to collectibles. Co-producer of The Street's financial channels: Apple Maven, Amazon Maven and Wall Street Memes. Year-to-date, GME stock has declined 15% to trade at $130.09 per share. . Shares of the company rose about 10% on Thursday, after declining 4.8% during Wednesday. GameStop's NFT business has been on a decline in recent times, with sales volume, number of traders, and average item prices, all falling. We have some growth to do, but absolutely phenomenal for day one! Revenue Beat, EPS Miss, NFT Marketplace Update . After the regular market close on December 7, GameStop Corp. (NYSE: GME) reported a second successive quarter in which its revenue declined versus the year-ago period. AMC Stock Is Soaring and May Continue to Rise. The GME NFT marketplace beta also provides free desktop and mobile wallpapers for visitors. But ApeCoin is simply too cheap, down nearly 86% from its all-time high earlier this year. 23.73x more. Play-to-earn option from the platform has already provided a perfect way to generate revenue for entrepreneurs. There are many options to pay such as, in-person at City Hall, by mail, or online at payitstlouis.com. In its first 48 hours, the platform recorded more trading volume than Coinbase's (COIN) - Get Free ReportNFT marketplace. According to @Notthereadguy, the GME Marketplace has already transacted 60% of Coinbase's total lifetime transactions. Over time, the. In its first few days, it averaged $1.1 million in total daily trading. The marketplace will use the zk-Rollup technology to power its transactions, allowing trades at low cost and high speed. That means that on day one, GME brought in 4,080% of Coinbase's average daily transactions. The GameStop Q2 2022 earnings report issued by the company made mention of its NFT Marketplace, highlighting the digital GameStop Wallet feature and noting that it allows users to buy, sell, and trade NFTs. Yet even if GameStop were to grow transaction volumes tenfold compared to current levels (to around $50 million per month), the NFT marketplace would still be generating just $13.5 million of. Because what are video games if you can't enjoy a good story with a fresh Cherry Coke? I'm sure hedgies will try to collapse the space with Evergrande default blowing up crypto to try to tank NFTs and then pass regulations against crypto to "protect investors." But what about first days only? GameStop has clearly invested a lot of its resources into planting its flag in the crypto and NFT world, but it doesnt seem like that part of its business has yielded any major returns so far, not that that couldnt change down the line. GameStop said in a news release Wednesday its sales attributable to new and expanded brand relationships "were strong in the quarter, while sales in the collectibles category remained strong in a year-to-date basis.". Thus, GameStop investors should be aware that the NFT marketplace is an initiative to generate revenues in the long term. Return to Castlevania is Dead Cells' next DLC, Media Molecule co-founder leaving studio, farewell stream announced, DreamHack announces Festival Tour 2023 locations & dates, Kid who hijacked Elden Ring's GOTY win at The Game Awards with remark about Bill Clinton arrested, GameStop Wallet and NFT Marketplace revenues were not material to Q2 2022 results. GameStop NFT Marketplace Gets an Expansion to ImmutableX Protocol GME did $1,780,000 in day one transactions. Edit - But let's be honest, the real competitor is OpenSEA, the largest NFT Marketplace that opened back in Dec. 2017. We want to hear from you. Revenues earned related to our NFT digital asset wallet and marketplace are recognized in net sales in our Condensed Consolidated Statement of Operations. GameStop's results cannot be compared with estimates because too few analysts cover the company. CORI includes OpenSea, along with a number of other NFT marketplace and smart contract builders, including Nifty Gateway, Zora, Manifold, SuperRare, and Foundation. GME stock is up about 1% today on news that the NFT marketplace has officially opened to the public. The brick-and-mortar retailer has been working to strengthen its place in the digital world. GameStop has been working to become profitable and revamp its brick-and-mortar retail business, after what executives have said were years of underinvestment. Got a confidential news tip? While the company appears to be doing well from a financial standpoint, it should be interesting to note that none of its recent success appears to be stemming from the heavily touted NFT Marketplace. We'll be sure to keep monitoring news from Wednesday's GameStop (GME) earnings report. OpenSea has been around since December 2017. OpenSEA has $199.1 million in transactions in June - 30 days at an average of $6.6 million per day. In recent months the retailer has changed up leadership and focus on initiatives to further entrench it in the digital world. Like other retailers, GameStop has been dealing with a backlog of inventory after intentionally bulking up on merchandise to contend with higher customer demand and supply chain issues. As noted on the Q2 2022 earnings report, GameStop (GME) missed its revenue target of $1.27 billion USD, finishing the quarter with $1.14 billion earned. Earlier this year, it fired chief financial officer Mike Recupero and laid off employees. MSM wants to paint that as a failure . But unlike GameStop's NFT marketplace, Coinbase does not charge transaction fees to trade NFTs. But the latest data provided by DappRadar shows that, in the last 30 days, OpenSea saw a trading volume of $497.6 million, a considerable drop. FTX's bankruptcy filing has sent ripples through the crypto market. The CEO added the company would continue to cut costs, with layoffs occurring in the second half of 2022. Revenues earned from our digital asset wallet and NFT marketplace were not material to the condensed consolidated financial statements for the three and six months ended July 30, 2022. View on YouTube [youtu.be] Gregory FX Daly, St. Louis Collector of Revenue, came to talk about end of the year personal property and real estate taxes that are due at the end of December. On the bright side, the overall NFT market has proved resilient in response to bearish trends in the crypto market. The platform was launched through a partnership with Immutable X and. GameStop Launches NFT Marketplace July 11, 2022 Public Beta Version Live at https://NFT.Gamestop.com GRAPEVINE, Texas--(BUSINESS WIRE)--Jul. Come back to Shacknews for any further updates. Video game retailer GameStop Corp (NYSE: GME) reported first-quarter financial results after market close Wednesday. Revenues earned related to our NFT digital asset wallet and marketplace are recognized in net sales in our Condensed Consolidated Statement of Operations. After seeing revenue peak in 2016, GME's revenue has fallen significantly. Also, the article may contain affiliate links. GameStop's management has much bigger plans for the NFT marketplace, including the GameStop Wallet, the increasing the range of Web 3.0 in gaming, and an expansion into digital markets with a long-term view. As noted on the Q2 2022 earnings report, GameStop (GME) missed its revenue target of $1.27 billion USD, finishing the quarter with $1.14 billion earned. Furlong added the company has been working to make its balance sheet stronger, and cushion its cash position, in hopes of putting it in a position to explore acquisitions of complimentary businesses. Trading volume and sales increased by 533% and 59%, respectively, compared to the same period last year. All Rights Reserved. This was a. GameStop's revenue increased by +8% YoY from $1,277 million in Q1 FY 2021 to $1,378 million in Q1 FY 2022. Video game retailer GameStop Corp. (NYSE: GME) launched an NFT marketplace earlier this year as it looked to grow its presence in the Web3 space. (Disclaimers: this is not investment advice. But he was pulled back in after spending years in QA circles for both THQ and Activision, mostly spending time helping to push forward the Guitar Hero series at its peak. The author may be long one or more stocks mentioned in this report. 2022 CNBC LLC. Data from earlier this year indicated that the company held about 80% of the NFT market share and had about 1 million users by 2022. The firms will use a multi-signature wallet the kind that requires more than a single actor to sign a transactionto make changes to the registry, and OpenSea tweeted that it is also "expanding governance of the registry to . In the third fiscal quarter, which ended Oct. 29, GameStop's total sales were roughly $1.2 billion, down from $1.3 billion in the same period last year. Revenues earned from our digital asset. According to Dune Data, Coinbase brought in $75,000 of transactions on day one. Reports from early 2022 indicate that OpenSea generated about $2 billion in trading volume in January, with an average daily trading volume of an impressive $260 million. The company, which has become known as a meme stock, has been adjusting its business to a digital world. The company charges a 2.25% fee on NFT trades that take place on its platform. Furlong said Wednesday the company "was fortunate its exposure to digital assets has been very modest." GameStop said Wednesday its fiscal third quarter sales declined and its cash pile sharply dwindled, as the brick-and-mortar retailer has been working to expand its digital presence. The CEO didn't provide any updates regarding its recently ended partnership with FTX. 11, 2022-- The Company's NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain. Here is the statement from the aforementioned SEC filing: During the three months ended July 30, 2022, we launched beta versions of a non-custodial digital asset wallet and a peer-to-peer non-fungible token ("NFT") marketplace that will enable purchases, sales, and trades of NFTs. What Happened Figure 1:GameStop's NFT Marketplace: What Investors Need to Know, (Read more from the Wall Street Memes:AMC Stock Is Soaring and May Continue to Rise. According to @Notthereadguy, the GME Marketplace has already transacted 60% of Coinbase's total lifetime transactions. When we look at the annual performance of NFTs, we see the numbers are quite positive. The hype surrounding the launch was enormous on Reddit and other social media platforms. New to Shacknews? Develop Video Game NFT Marketplace Development For Better Revenue Jonathan Raabe (Technology Advisor) July 15, 2022 The NFT-based gaming industry is making a whole new world for game lovers. GameStop charges a 2.25% fee on all NFT trades, which so far represents a daily average of $25,113 or 16.9 ETH in direct revenue for the company. The platform was launched through a partnership with Immutable X and promises users the ability to trade in-game assets via blockchain tokens on the Ethereum (~ETHUSD) platform. This has motivated GameStop investors and helped the stock rally. By comparison, Coinbase users have so far traded 1,913 ETH, which equates to about $2.8 million, according to Dune Analytics. That would yield about $406 million today about 6.7% of GameStops $6 billion in net sales registered in 2021. Yikes. Ethereum has plummeted more than 60% since the beginning of the first quarter. GameStop said Wednesday its fiscal third quarter sales declined and its cash pile sharply dwindled, as the brick-and-mortar retailer has been working to expand its digital presence. Since its launch, GameStop's NFT marketplace has shown some exciting stats. GameStop now has an official online domain for its own NFT marketplace, though we don't have a clue on when it's going to be fully launched. In a tweet, the company said it would be providing full refunds to impacted customers. Donovan is a young journalist from Maryland, who likes to game. He has been into games ever since, only briefly stepping away during his college years. Gamestop also has support from two Ethereum layer-2 solutions - Loopring and Immutable X. At a current price of $3.87, ApeCoin is an unprecedented bargain. GameStop said last month that it had ended its partnership with FTX, after the crypto exchange filed for bankruptcy. These numbers would not even beat OpenSea's June trading volume this year. Thanks for supporting Wall Street Memes). The company charges a 2.25% fee on NFT trades that take place on its platform. 4 min read. During the second quarter of 2022, we launched beta versions of a non-custodial digital asset wallet and a peer-to-peer non-fungible token ("NFT") marketplace that will enable purchases, sales, and trades of NFTs. While GameStop had a few victories with its Q2 2022 earnings report, it does not appear that the GameStop Wallet and NFT Marketplace contributed to any of them. That's 2,373% of Coinbase's opening day transactions. 51 Westgatez 23 hr. But clearly, GameStop investor sentiment is on the rise. GameStop 's ( GME) - Get Free Report NFT (non-fungible token) marketplace has been live in its beta version since July 11. A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) March 29, 2022. Currently, GameStop is inviting all creators to join . This is almost twice as much as Coinbase's NFT marketplace, which has been live since May. #CollectorOfRevenue #PersonalPropertyTaxes # . For everything you need to know about GameStop (GME), Shacknews has all the details. So one day of the GME NFT Marketplace did 60% of Coinbase's 68 days of transactions. The company's cash and cash equivalents fell to nearly $804 million from approximately $1.4 billion a year earlier. The retailer continued to hold a lot of inventory on its balance sheet: $1.13 billion at the end of the quarter, although slightly down from $1.14 billion at the same time last year. On August 22, GameStop's daily NFT fee revenue dropped below $4,000, according to DappRadar data. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. And of all the 300 collections available on the platform, Ars Technica indicates that only six have accounted for the majority of trading volume so far. GameStop's (GME) stock surged as much as 20% during Friday's session and closed 7% higher. There, users will be able to trade in-game assets - such as items. In a recent press release, ImmutableX, a layer 2 protocol scaling solution on Ethereum announced it was integrating its wallet with GameStop's and launching its NFT collections on GME's marketplace.This partnership will significantly expand GameStop's non-fungible token offering. However, according to the SEC filing, none of this wound up contributing meaningfully to GameStop's bottom line for Q2 2022. Pretty sure they could not have timed entering that market more poorly. The Coinbase NFT Marketplace launched on May 6th - 68 days ago. Its also worth noting that during this quarter, GameStop announced its partnership with crypto exchange FTX, which went on to file for bankruptcy during Q4. Since the launch of the NFT marketplace on July 11, GameStop shares have already risen more than 16%. A Division of NBCUniversal. Of course, the platform can't take all the credit: News that GameStop will split its stock on July 21 also helped the stock rally. Sign up for free newsletters and get more CNBC delivered to your inbox. Signup for a Free Account. GameStop Corp. GME posted a wider-than-expected third-quarter fiscal 2022 loss. The upward move followed a news report that the video game retailer is launching a marketplace for non . Since the launch of GameStop's NFT marketplace, GME shares have moved in only one direction: up. Back in 2021, the company generated revenues of $365 million. On Wednesday, GameStop (GME) submitted its Q2 2022 earnings report. As the market evolves, GameStop looks to keep its place. GameStop reported Wednesday a decline in fiscal third quarter sales. GameStop's (GME) - Get Free ReportNFT (non-fungible token) marketplace has been live in its beta version since July 11. It tapped new leadership, including CEO Matt Furlong, an Amazon veteran, and Chewy founder and activist investor Ryan Cohen as board chair. Ozzie Mejia posted a new article, GameStop Wallet and NFT Marketplace revenues were not material to Q2 2022 results. GME came in at $1.78 million on day one, 26.969696969% of that figure. You can follow him on twitter @Donimals_, Donovan Erskine posted a new article, GameStop (GME) Wallet and NFT marketplace revenues were not material to Q3 2022 results, Return to Castlevania is Dead Cells' next DLC, Media Molecule co-founder leaving studio, farewell stream announced, DreamHack announces Festival Tour 2023 locations & dates, Kid who hijacked Elden Ring's GOTY win at The Game Awards with remark about Bill Clinton arrested, GameStop (GME) Wallet and NFT marketplace revenues were not material to Q3 2022 results. As in earlier past quarters since the beginning of the pandemic, GameStop didn't provide a financial outlook. New to Shacknews? On one hand, GME achieved decent sales growth in the most recent quarter. In its first week, the platform had already accounted for over 5,254 ETH in total trading volume. Now with GME NFT Marketplace, imagine those gas costs disappearing to like $1 or $10 or less. OpenSea charges a fee of 2.5% per trade, which is slightly higher than GameStop's NFT marketplace. The marketplace, which can be accessed at https://nft.gamestop.com, allows parties to connect to their own digital asset wallets such as the recently launched GameStop Wallet. The company said inventory was slightly down from the same period last year. GameStop's. Here's Why). It has taken Coinbase an average of 40.8 days to bring in as much in transactions as GME did in their first day. Revenue from NFT marketplace is still not material to financial statements 138 17 $GME Business Business, Economics, and Finance 17 comments Best Add a Comment Darth_Meowth 1 day ago OuchThat, along with the layoffs, likely means it ends by end of fiscal year. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. Here's Why. GameStop's CEO Matthew Furlong said on a call with investors Wednesday the company "is attempting to accomplish something unprecedented in retail seeking to transform a legacy business once on the brink of bankruptcy.". Here are the key highlights. The Collector of Revenue's Office was a proud recipient of the East West Gateway Council of Governments Exemplary Collaboration, Partnership, or Regional Initiative Award for RETAF: Real Estate Tax Assistance Fund along with Park Central Development, Legal Services of Eastern Missouri, and Prosperity Connection.In 2022, the RETAF program saved 68 homes in the City of St. Louis from tax . With this, OpenSea's market cap value was estimated to be around $13 billion early in 2022. However, obviously, you should consider that GameStop's NFT marketplace has just been launched and is still in its beta version. GameStop (GME) Wallet and NFT marketplace revenues were not material to Q3 2022 results,GameStop's 10-Q form reveals that its crypto business wasn't very impactful on its quarterly results. Revenues earned from our digital asset wallet and NFT marketplace were not material to the condensed consolidated financial statements for the three and nine months ended October 29, 2022. On August 22, GameStop's daily NFT fee revenue dropped below $4,000, according to DappRadar data. Furthermore, the growth of online shopping is taking away from GameStop's business. Currently, the largest NFT marketplace is OpenSea. Don't expect the business to become a revenue powerhouse right away. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. The company reported a net loss of nearly $95 million, a slight improvement from about a loss of about $105 million in the same period last year. As time went on, Gamestop has specified that both the Immutable X and Loopring ecosystems coexist in the GME NFT marketplace ecosystem. GameStop strengthened its inventory position earlier this year by divesting a small portion of its merchandise in categories with soft demand, Furlong said Wednesday. GameStops (GME) Q3 2022 10-Q filing to the SEC is available on the companys investor relations site. The company's sales in 3Q FY 2023 ended October 29, 2022 were US$1.19 billion, down 8.5% from US$1.3 billion in 3Q FY 2022. These partnerships do not influence editorial content. Revenues earned related to our NFT digital asset wallet and marketplace are recognized in net sales in our Condensed Consolidated Statement of Operations. UBS says PVH can rally more than 35% as Tommy Hilfiger parent transforms its business. In addition to its earnings report, GameStop also filed a 10-Q to the SEC for the previous quarter. Data is a real-time snapshot *Data is delayed at least 15 minutes. Its an interesting tidbit of information to say the least. For example, the three best-selling gaming consoles (PlayStation, Xbox and Wii) also offer their own marketplace to buy games. Even assuming ETH hits an all-time high of $4,800 again, the annualized transaction fees will still be $29.5 million, a tiny percentage of GameStop's 2021 net sales. Its here that the retailer speaks to its GameStop Wallet and NFT marketplace. Researcher and operations manager at DM Martins Research. Pokmon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. The beta version of GameStop's NFT marketplace has gone live on Loopring L2. Just wait until OpenSEA creators see the viable market cap + many many times lower gas fees and migrate. ago GameStop (GME) recently shared its Q3 2022 earnings report to share with audiences and investors how it performed financially over the past period. 5 minutes ago The GME NFT Marketplace's daily revenue is 4,080% higher than Coinbase's NFT Marketplace Speculation / Opinion The Coinbase NFT Marketplace launched on May 6th - 68 days ago. According to Ars Technica research, considering the current weekly volume of GameStop's NFT marketplace, we will see a trading volume of about 273,000 ETH in the first year. GameStop's 10-Q form reveals that its crypto business wasn't very impactful on its quarterly results. Signup for a Free Account. Ozzie has become a big fan of platformers, puzzle games, shooters, and RPGs, just to name a few genres, but hes also a huge sucker for anything with a good, compelling narrative behind it. The company also launched an NFT marketplace in July, which has been open to the public for beta testing. Yet the market cap value of NFTs grew from May to June. GameStop is on track to be a major NFT player In partnership with Immutable X, GameStop will soon launch its NFT marketplace. The marketplace allows users to connect their own digital asset wallets, including the recently launched GameStop Wallet, so they can buy, sell and trade NFTs for virtual goods. Still, the brick-and-mortar retailer has struggled to drive profits in recent years, leading to cost cuts and a shake-up in leadership. Ozzie has been playing video games since picking up his first NES controller at age 5. He is a huge Star Wars nerd and film fanatic that will talk with you about movies and games all day. In the third. That is the current state of the NFT space. Revenue in that department increased dramatically to $223.2 million from $177.2 million in the previous quarter. Just months earlier, GameStop had announced the partnership with the aim of introducing its customers to the crypto world and marketplace, and had also started carrying FTX gift cards in some of its stores. The company shared an update on launching more . It's possible to attribute the platform's early success to the loyal support of GameStop's shareholders. ApeCoin right now is the most direct . This filing includes additional information not found in the actual earnings report, such as that GameStop Wallet and its NFT marketplace werent material to its quarterly results. 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