GameStop Fires CEO Matt Furlong Because He Cannot Properly Manage Shift to Crypto

The guy in charge of starting the company’s push towards NFTs, GameStop‘s CEO Matt Furlong, has been sacked.

GameStop Fires CEO Matt Furlong Because He Cannot Properly Manage Shift to Crypto

Furlong was fired, according to a statement on June 7, and Ryan Cohen was elevated to executive chairman. Cohen posted a mysterious message just after the business announced the termination of Furlong.

No Reason Given for Firing Furlong

Furlong was let go by the corporation without explanation. However, the terms of Furlong’s contract called for a continuous work period of 24 months, according to an 8-K report issued to the US Securities and Exchange Commission on June 9, 2021. Furlong resigned concurrently from his position as a company director, leaving the board with just five members.

Company’s Transition to NFT

In June 2022, just as the market’s interest in NFTs was beginning to wane, GameStop debuted its NFT marketplace. Later, GameStop expanded its support for blockchain games NFTs on its marketplace, thanks to a collaboration with the Web3 gaming platform and ImmutableX, an Ethereum layer-2 scaling solution.

With approximately $2 million in sales on the first day after the platform went live, the company’s NFT marketplace launch was positively received. Nevertheless, things rapidly started to go south. A 99.8% drop from the opening-day frenzy, everyday sales volumes on the market in August were circling around the $4,000 mark.

About GameStop

GameStop is an American retailer of video games, electronics, and gaming products. The company is headquartered in Grapevine, Texas, a suburb of Dallas, United States.