GameStop today announced the long-awaited debut of its online marketplace for nonfungible tokens (NFT) in a bid to reinvent its business and cash in on consumer adoption of cryptocurrencies and blockchain technology. The platform, which is now open to the public for beta testing, allows users to connect their own digital asset wallets, including the recently launched GameStop Wallet, the company said in a press release. They will then be able to buy, sell and trade NFTs of virtual goods. Over time, the marketplace will expand to offer Web3 gaming as well. The videogame retailer has struggled to stem losses in recent years, even as its sales of hardware, software and collectibles grow. In the three-month period ended April 30, GameStop reported a net loss of $157.9 million on revenue of $1.38 billion.
A year earlier the company posted a $66 million net loss on $1.27 billion in revenue. Americans are canceling deals to buy homes at the highest rate since the start of the 2020 pandemic. The number of sale agreements on existing homes canceled in June was just under 15% of all homes that went under contract, according to a new report from Redfin. That is the highest share since early 2020, when homebuying paused immediately, albeit briefly. Cancelations were at about 11% one year ago. Higher mortgage rates and surging inflation are causing many potential homebuyers to reconsider their purchases.
The average rate on the 30-year fixed mortgage started this year around 3% and then began rising steadily. It briefly shot above 6% in mid-June before settling in a narrow range around 5.75% now, according to an article from Mortgage News Daily. Europe has been under intense pressure in the wake of Russia’s invasion of Ukraine, with higher energy costs pushing up inflation across the region. This economic reality is unlikely to change anytime soon, with new forecasts pointing to an upward revision in consumer prices across the bloc. Back in May, the institution projected a growth rate of 2.7% for this year and 2.3% for next year, both for the EU and the euro area. In terms of inflation in the euro area, the commission said this would hit 6.1% in 2022, before falling to 2.7% in 2023.
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