The revenue from GameStop Wallet and NFT Marketplace was not material to the results for the second quarter of 2022

by · September 7, 2022

While GameStop had a few wins with its Q2 2022 earnings report, GameStop Wallet and NFT Marketplace didn’t seem to contribute to any of them.

On Wednesday, GameStop ( GME ) delivered its Q2 2022 earnings report. While the company appears to be doing well from a financial standpoint, it should be interesting to note that none of its recent success appears to stem from its strong featured NFT Marketplace.

The GameStop Q2 2022 earnings report issued by the company mentioned the NFT Marketplace, highlighting the digital GameStop Wallet feature and noting that it allows users to buy, sell and trade NFTs. However, according to the SEC filing, none of this contributed meaningfully to GameStop’s bottom line for Q2 2022.

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”) that will enable the buying, selling and trading 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.

GameStop (GME) stock on September 7, 2022
Source: TC 2000

As noted in its Q2 2022 earnings report, GameStop ( GME ) missed its revenue target of $1.27 billion, ending the quarter with $1.14 billion earned. The income is largely attributable to collectibles. Revenue in that division rose dramatically to $223.2 million from $177.2 million in the previous quarter.

We’ll be sure to continue monitoring news from Wednesday’s GameStop ( GME ) earnings report. Check back to Shacknews for further updates.

Senior Editor

Ozzie has been playing video games since he picked up his first NES controller at the age of 5. He’s been into gaming ever since, only going for a short time during his college years. But he was pulled back after spending years in QA circles for both THQ and Activision, mostly spending time helping to push the Guitar Hero series to its peak. Ozzie has become a huge fan of platformers, puzzlers, shooters and RPGs, just to name a few genres, but he’s also a big sucker for anything with a good, compelling narrative behind it. Because what are video games if you can’t enjoy a good story with a fresh Cherry Cola?

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