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Video Game Retailer GameStop Lays-Off CEO Matt Furlong After Failed NFT Venture

Video Game Retailer GameStop Lays-Off CEO Matt Furlong After Failed NFT Venture

It appears that in 2021, Matt Furlong signed only a 24-month employment contract.

Video game retailer GameStop Chief Executive Officer, Matt Furlong, known for his pioneering efforts in the non-fungible token (NFT) industry, was let go by the company.

The announcement came to light on June 7th.

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GameStop has kept its cards close to its chest regarding the rationale behind Furlong's abrupt dismissal.

Furlong entered the GameStop family as its CEO in 2021, hot on the heels of the memestock craze, which saw GameStop's stock value skyrocket by a jaw-dropping 3,000% within a month, jumping from $17.25 to $500.

As a fan of NFTs, in June 2022, Furlong initiated the launch of GameStop's NFT marketplace. The inauguration of the company's NFT platform was met with enthusiasm, racking up close to $2 million in sales within the first day of operation. Yet, this positive momentum was short-lived. In August, the platform's daily sales volumes were barely touching $4,000 — a shocking 99.8% fall from the launch day's sales.

An 8-K document submitted to the SEC on June 9th, 2021, sheds light on Furlong's initial contract, indicating a two-year tenure stipulation. Simultaneously, Furlong stepped down from his position on the Board, shrinking its members down to a handful of five individuals.

These developments coincided with the company's Q1 earnings call, where they disclosed earnings per share (EPS) that trailed market predictions by a staggering 133%. In the aftermath, GameStop's stock value took a severe hit, dwindling down to $21.46.

Recently, GameStop has unveiled a collaboration with the Australian blockchain game developer, Illuvium, to roll out a 20,000 NFT collection.

The dismissal of GameStop's CEO, Furlong, marks a dramatic pivot for the company in the wake of its unsuccessful venture into the NFT marketplace.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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