Well-known retail video game store chain GameStop (GME) is reportedly making strides towards its long-anticipated NFT marketplace and Web3 gaming unit, following financial damage of $147.5 million in Q4 last year. 

Specifically, GameStop reportedly developed a barebones NFT website in the middle of last year in silence but has accelerated the process stepping into 2022, following the revelation of an NFT and Web3 gaming division in January, together with forging a significant alliance with Ethereum (ETH) scaling solution Immutable X the next month to create an NFT marketplace.

As included in the results of the last quarter, ending on January 29th and published on March 17th, GameStop further disclosed its intention of introducing its NFT marketplace by the end of Q2 this year. 

The company additionally emphasized that the Immutable X agreement is expected to reel in $150 million equivalent of IMX tokens upon the “achievement of certain milestones”, additionally noting that it has welcomed onboard “dozens of additional individuals with experience in areas such as blockchain gaming, e-commerce, and technology, product refurbishment, and operations.”

GameStop’s net loss of $147.5 million reportedly suffered an 83% decrease compared to 2021, while its loss of $1.94 for every share is far from Wall Street’s estimates of $0.84 earnings per share.

The price of GME seems to have been heavily affected by the publishing of GameStop’s Q4 financials, with the price plummeting 7.31% to land at $81.29 at the time of writing.

Regardless of a bearish trend in the NFT market displayed throughout the last few months, GameStop’s partner Immutable X is gradually becoming more and more successful, with the company organizing a $200 million Series C funding round at a $2 billion valuation on March 8th.