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Gamestop NFT Marketplace boss fired
GameStop has made a significant move by firing CEO Matt Furlong, who led the company’s foray into the NFT world. This decision has led to some interesting implications for the company. Here is everything you need to know.
TL;DR
- GameStop is firing CEO Matt Furlong, proposing a new direction for the company’s NFT expansion.
- Ryan Cohen becomes executive chairman, and Mark Robinson takes over the role of general manager.
- GameStop’s NFT venture faced challenges, including controversy and declining trading activity. The company aims to refocus on its core pillars of video games and traditional strengths.
Gamestop Fire’s CEO
GameStop has fired CEO Matt Furlong after his two-year tenure, according to the company’s released statement. Furlong played a key role in the company’s expansion into NFTs through a digital asset marketplace. This closing marks a turning point for GameStop and its future direction.
Although no replacement has been named yet, the company has named Ryan Cohen, a billionaire investor and chairman, as its executive chairman. Cohen is known as the founder and former CEO of Chewy, an online pet supply store. In addition, Mark Robinson, who previously served as GameStop’s general counsel, has been named the company’s general manager and CEO.
Gamestop’s expansion into NFTs
GameStop’s recent decision sheds light on their venture into the NFT realm. Furlong joined the company from Amazon in June 2021. This was shortly after the meme stock frenzy that sent GameStop’s stock price soaring. The retailer had already hinted at Ethereum-related plans just before Furlong’s arrival. Then, under his leadership, GameStop unveiled and launched an NFT marketplace.
GameStop introduced the NFT marketplace in June 2022, coinciding with a slowdown in the broader NFT market. Initially focusing on digital collectibles such as artwork and profile pictures, the platform later expanded to support Web3 games built on the Ethereum scaling network Immutable X.
Initially, the launch of the NFT marketplace generated some excitement, with around $3.5 million in NFT sales within the first 48 hours. However, trading activity on the platform appears to have dropped significantly since then.
The challenges faced
GameStop’s NFT push faced challenges along the way. DappRada stopped sharing GameStop NFT data due to lack of information about the Immutable X integration. Furthermore, GameStop’s data does not provide clear information on Immutable X sales. Although the website GMFT.xyz reports $17.3 million in sales through the platform, the completeness of this data remains uncertain.
A partnership with Immutable, a game publisher and Web3 startup, strengthened GameStop’s NFT venture. This collaboration included a $100 million fund to provide tokens to game developers. However, GameStop faced controversy when it sold the $47 million worth of IMX tokens it received from the partnership within hours of the February 2022 announcement.
What’s next for Gamestop NFTs?
GameStop’s decision to fire CEO Matt Furlong shows the retailer’s evolving strategy. With the appointments of Ryan Cohen as executive chairman and Mark Robinson as general manager, GameStop aims to refocus on its core business pillars.
As the retailer shifts its focus back to video games and traditional strengths, it will be interesting to see how GameStop navigates the ever-changing landscape of the gaming industry.
