GameStop fires CEO Matt Furlong months after axing crypto push

Gamestop has fired its CEO Matt Furlong, the enforcement liable for launching the company’s propulsion into nonfungible tokens (NFTs).

According to a June 7 statement, Furlong was terminated portion Ryan Cohen — a billionaire capitalist held successful precocious esteem by memestock traders pursuing the notorious GameStop abbreviated compression — was promoted to the relation of Executive Chairman. Minutes aft the institution announced Furlong's termination, the caller GameStop tweeted a cryptic connection stating "Not for long."

Not for long

The institution did not supply a crushed for Furlong’s termination. However, according to an 8-K filing made to the SEC connected June 9, 2021, Furlong's declaration specified 24 months of ongoing employment. In parallel, Furlong resigned arsenic the manager of the company, reducing the size of the Board to 5 individuals.

The quality came alongside Gamestop’s archetypal 4th net call, which saw the gaming institution study an net per stock (EPS) that missed marketplace expectations by much than 133%.

The company’s stock terms has plummeted to $21, presently down 19% successful after-hours trading according to data from Google Finance.

Furlong joined GameStop arsenic its CEO successful June 2021, 5 months aft the memestock frenzy that saw GameStop shares surge 3,000% from $17.25 to $500 wrong a azygous month.

GameStop first launched its NFT marketplace successful June 2022, conscionable arsenic the market’s fascination with NFTs was opening to wane. GameStop later added support for blockchain crippled NFTs connected its marketplace, a determination made imaginable by its partnership with Web3 gaming level and Ethereum layer-2 scaling solution ImmutableX.

The company’s NFT marketplace debut was well-received, witnessing astir $2 cardinal successful income wrong the archetypal 24 hours of the level going online. However, things took a crook for the worse alternatively quickly. By August, regular income volumes connected the marketplace were hovering around the $4,000 people — a 99.8% diminution from its opening time frenzy.

Related: Nike NFTs are coming to EA Sports games: Nifty Newsletter

In December, Gamestop announced that it would nary longer beryllium focusing immoderate large efforts towards cryptocurrencies oregon NFTs, pursuing connected from a lousy Q3 net telephone that saw the institution stack up $94.7 cardinal successful nett losses and statesman laying disconnected staff.

Despite these statements, GameStop precocious announced a partnership with the Australia-based blockchain crippled developer Illuvium, to debut a 20,000 NFT collection.

GameStop and Matt Furlong person not yet responded to Cointelegraph's petition for comment.

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