GameStop has been quietly preparing for its entry into cryptocurrency, blockchain and non-fungible tokens (NFTs), with its fiscal 2022 first-quarter earnings press release showing the company has been making hires and plans in that space for at least part of the three months ending April 30.
The video game, consumer electronics and gaming merchandise retailer revealed in the release that it “took steps to support the recent launch of a digital asset wallet to allow gamers and others to store, send, receive and use cryptocurrencies and [NFTs] across decentralized apps” in the quarter.
GameStop’s wallet extension will enable transactions on the company’s NFT marketplace, which is scheduled to launch at some point in the second quarter, according to the release.
GameStop also “continued hiring individuals with experience in areas such as blockchain gaming, eCommerce and technology and operations” during Q1, including a new chief operating officer with a background in retail and stores, the release stated.
As for GameStop’s numbers, net sales were $1.4 billion for the quarter, compared to $1.3 billion in the first quarter of fiscal 2021, with the company’s growth coming largely from its new and expanded brand relationships, according to the release.
GameStop’s inventory was $917.6 million at the close of the quarter, up significantly from $570.9 million at the end of Q1 in fiscal 2021, part of the company’s focus on improving in-stock levels based on rising customer demand and overcoming ongoing supply chain complications.
GameStop rolled out its digital asset wallet in May, saying users can store, send, receive and use cryptocurrencies and NFTs on several decentralized apps without leaving their web browsers.
Read more: GameStop Jumps Into Crypto, NFTs With Digital Asset Wallet Launch
The GameStop Wallet is a self-custodial ethereum wallet. The wallet extension, which can be downloaded from the Chrome Web Store, will also allow users to make transactions on GameStop’s NFT marketplace.