GameStop rakes in $76.9 million in Q1 sales from IMX token sales

Game retailer GameStop (GME) released its financial results for the first quarter of 2022 on Wednesday, in which it earned $76.9 million from the sale of IMX tokens as part of its partnership with NFT scaling platform Immutable, Golden Finance reported. GameStop sold IMX tokens acquired as part of a deal with Immutable in February, yielding $76.9 million. The company reported negative cash flow of $236.3 million in the first quarter. GameStop said it will take steps to support the recently launched digital asset wallet to allow gamers and other users to store, send, receive and use cryptocurrencies and NFTs in decentralized applications, and GameStop’s NFT marketplace is expected to launch in the second quarter . Company management said on the earnings call that the digital asset wallet has received “massive” downloads from the Chrome App Store, with CEO Matt Furlong mentioning: “We strongly believe that digital assets are at the heart of the future of gaming.”