Gaming retailer GameStop said it would no longer focus on cryptocurrencies after posting a net loss of $94.7 million in the third quarter and laying off staff in its digital asset division.
GameStop CEO Matt Furlong said that he has “proactively minimized his exposure to cryptocurrencies” over the past year and “does not currently hold any substantial balances of tokens,” adding, “While we still believe in digital asset There is long-term potential in the gaming world, but we have not and will not risk significant shareholder capital in this space.”
Additionally, GameStop appears to be still moving forward with its NFT and blockchain plans, according to its filing with the stock exchange on Dec. 7. It was previously reported that in its third round of layoffs in 2022, the teams engaged in blockchain and NFT projects will be most affected.