GameStop dismisses Game Informer as it fixates on NFTs and blockchain

With allegations of up to 150 layoffs, comprising key personnel in Game Informer, a struggling newspaper and website have often been the focus of downsizing.

This is all in support of GameStop’s current intention to spend heavily in a rapidly volatile market, NFTs, blockchain, and web3.

A leaked document handed supposedly by Matt Furlong the CEO, stated that transformation would be continuous as they expand their trade company and create new products via their blockchain division. These modifications would allow them to make a profit as they pursue benefice growth in their trade company and create new solutions that empower clients in digital investment and web3 entertainment industries.

What else has GameStop been doing?

According to a few sources, GameStop has established its very own cryptocurrency wallet and wants to start an NFT platform at a time when NFT trade activity has dropped by roughly 90% in recent times. GameStop appears to believe that the same individuals that made a joke out of stock being huge on the web3 idea, despite all of this appears to be quite disconnected from what was once the company’s fundamental premise, a shop that offers video games alongside value-added products such as a hyper journal. It also appears to be similar to plunging straight into the pool which has been nearly completely emptied of water.

The comments by Game Informer employees on Twitter have been painful to witness over the last day while their careers have been lost in favor of this hazy blockchain fantasy.

It’s unclear whether any of the Game Informer survives, given it had already been reduced before to this in previous layoffs. Besides the CFO and GI, sources indicate that whole teams, like the Data Integrity Approval group, were let off.

Considering that GameStop virtually became the video-game equivalent of Blockbuster when almost everything went online, its continuing existence has been somewhat of a mystery in the last decade as they swing and swing and swing to maintain some sort of relevancy. It does seem like only yesterday that some ambitious idea to make shops a place for in-person games and e-sports was unveiled; today, it’s a massive investment in cryptocurrency, which appears to be a way riskier notion.

Considering how long GameStop has managed to thrive, it seems foolish to anticipate its demise. But, considering the prevailing reality of those rapidly dissolving markets, it also appears inadequately that GameStop still hopes that crypto and NFTs will be their redeeming feature. Let’s wait and see what occurs.