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GameStop Reports $76.9M in Proceeds From Sales of Digital Assets in First Quarter
The company also confirmed intentions to launch its NFT marketplace in the second quarter.
Video game retailer GameStop (GME), reporting its quarterly results, received a cash flow boost of $76.9 million from the sale of IMX tokens it had received as part of its partnership with non-fungible token (NFT) scaling platform Immutable.
- In February GameStop sold the IMX tokens it had been granted as part of its deal with Immutable, generating $76.9 million in proceeds. Overall, the company reported negative cash flow for the quarter of $236.3 million.
- GameStop also took note of continued steps to support the recent launch of its digital asset wallet, and its intention to open its NFT marketplace during Q2.
- Speaking on the earnings call, management said the wallet has seen "significant" downloads from the Chrome app store. "We firmly believe that digital assets are core to the future of gaming," said CEO Matt Furlong.
STORY CONTINUES BELOW
Read more: GameStop Unveils Crypto and NFT Wallet, Shares Jump 3%
Michael Bellusci
Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.
