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.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer videos every week!

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.