GameStop Lays Off Employees Ahead of Upcoming Earnings Report, NFT Marketplace Fails to Make Significant Impact

Has laid off another round of employees today ahead of its upcoming earnings report. daniel williams, gamestop’s lead software engineer, posted on linkedin that there was “another big round of layoffs at gamestop currently in progress.” multiple former employees have shared public status updates about the layoffs on linkedin.
the layoffs took place today, november 30, and affected gamestop’s crypto wallet team in particular. gamestop launched an nft marketplace this year that focuses on the ethereum ecosystem, and in may, the company announced the launch of its own ethereum wallet. gamestop last held layoffs in july.

Ceo matt furlong confirmed the layoffs in an email to employees, writing that the company had “gained clarity regarding the right level of corporate staff needed to achieve our profitability and growth goals.” as of october 31, nft analytics platform dappradar reported that the platform had yielded just $29 million worth of trades since the july launch, while opensea, the largest marketplace for ethereum nft trading, regularly pulls in more than $6 million in daily volume. dappradar is no longer tracking gamestop’s nft activity.

Held the layoffs in order to cut costs ahead of its upcoming third-quarter fiscal earnings report, scheduled for wednesday, december 7. the nft marketplace has not made a significant impact on the space, leading the company to seek other cost-cutting measures. gamestop did not immediately respond to decrypt’s request for comment.

By Evey Lovelace

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