GameStop Wallet and NFT Marketplace revenue was not material to Q2 2022 results
GameStop (GME) presented its Q2 2022 earnings report on Wednesday. come from the highly touted NFT market.
The GameStop Q2 2022 earnings report released by the company mentioned its NFT Marketplace, highlighting the GameStop Wallet digital feature and noting that it allows users to buy, sell and trade NFTs. However, according to the SEC filing, none of this materially contributed to GameStop’s bottom line for the second quarter of 2022.
Here is the statement from the aforementioned SEC filing:
In the three months ended July 30, 2022, we launched betas of a peer-to-peer non-custodial digital asset wallet and non-fungible token (“NFT”) marketplace that will enable purchases , sales and exchanges of NFT . Revenue generated from our NFT digital asset portfolio and marketplace is recognized in net sales in our condensed consolidated statement of income. Revenue generated from our digital asset portfolio and our NFT marketplace was not material to the condensed consolidated financial statements for the three and six months ended July 30, 2022.
As noted in the Q2 2022 earnings report, GameStop (GME) missed its revenue target of $1.27 billion, ending the quarter with $1.14 billion earned. Revenue is largely attributed to collectibles. Revenue for this department increased dramatically to $223.2 million from $177.2 million in the prior quarter.
We’ll be sure to continue to watch for news from GameStop’s (GME) earnings report on Wednesday. Check back to Shacknews for any further updates.