With its Q2 2022 earnings report, GameStop had a few successes, but it doesn’t seem that the GameStop Wallet and NFT Marketplace were involved in any of them.
GameStop (GME) released its Q2 2022 earnings report on Wednesday. Even while the company seems to be financially successful, it’s interesting to note that none of its recent success seems to be related to the much-ballyhooed NFT Marketplace.
The NFT Marketplace was mentioned in the GameStop Q2 2022 financial report, which also highlighted the digital GameStop Wallet feature and noted that it enables consumers to purchase, sell, and trade NFTs. However, none of these actually had a material impact on GameStop’s bottom line in Q2 2022, according to the SEC filing.
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. Revenues earned related to our NFT digital asset wallet and marketplace are recognized in net sales in our Condensed Consolidated Statement of Operations. 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.