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US gaming retailer GameStop said it will no longer invest in digital assets, focusing on non-fungible tokens and blockchain.
Gaming retailer GameStop said itplans to invest more resources, neither human nor monetary, in cryptocurrencies, since the company's net losses in the third quarter of 2022 amounted to about $95 million, and employees working in the digital assets departments were laid off. Throughout the year, the company has been reducing its presence in the cryptocurrency market and now it does not hold any crypto assets.
According to GameStop CEOMatt Furlong, the company has not lost faith in the long-term potential of cryptocurrencies in the gaming industry, but does not want to risk significant equity in the industry. However, the retailer will still invest money and promote projects related to non-fungible tokens (NFTs) and blockchain.
The GameStop strategy is working, but so far weakly:losses decreased by only $14 million compared to the second quarter of this year - then they amounted to about $109 million. Earlier it became known that the retailer carried out a new wave of cuts in the company - the company fired both its main employees and those who worked on the cryptocurrency wallet.
