GameStop said its NFT platform is expected to launch by the end of the second quarter of FY2022.
GameStop closed out the 2021 fiscal year (FY2021) with net sales of $6 billion, which is an increase on the $5 billion it reported last year.
As noted in its financial report for the year ended January 29, 2022, GameStop said it ended the year with $1.27 billion in cash and cash equivalents and $915 million in inventory, compared to $635 million in cash and $602.5 million in inventory at the end of FY2020.
Although revenue increased, GameStop also reported a larger annual operating loss of $368.5 million in FY2021, compared with a loss of $237.8 million in FY2020.
The company added that increased investments in inventory reflect its focus on "meeting heightened demand and mitigating supply chain headwinds."
It also noted "significant and long-term investments" in fulfilment networks, systems, and teams, and said it worked to expand its product catalog during the fiscal year to include a "broader set of consumer electronics, PC gaming equipment and refurbished hardware."
GameStop's nascent NFT business also received multiple mentions, with the company reminding investors its recent partnership with Immutable X will support the development of an NFT marketplace. It also pointed to the hiring of "dozens of individuals" with experience in blockchain gaming, e-commerce, and technology.
The company said its NFT platform is expected to launch by the end of the second quarter of FY2022, and has previously suggested the act of speculatively trading virtual goods will allow it to empower players and creators.
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