GameStop Lays off more Staff Members

The retail gaming giant included the crypto-focused engineers in the layoff.

Dec 6, 2022
by Michael
GameStop Lays off more Staff Members
News

GameStop Lay off

2022 has been a year of tech staff layoffs, and the latest company to join this trend is the video game retailer GameStop. The firm, which was at the center of the meme stock trading frenzy in early 2021, has laid off another round of employees. The layoff was made ahead of the company's upcoming earnings report. The team that was particularly hit hard by the cut-off was the one working on GameStop’s crypto wallet. 

GameStop’s lead software engineer, Daniel Williams, posted on LinkedIn: 

“another big round of layoffs at GameStop currently in progress….E-commerce Product and Engineers…lots of them.”

The company is set to announce its third-quarter earnings on the 7th of December. Despite the unfortunate incident, the company is looking to focus on leanness and short-term profitability, given the macro environment.

A lot more former employees at GameStop have also taken to share their public status updates on LinkedIn. Brandon Jenniges, blockchain and iOS engineer, said:

 "Unfortunately, I was impacted by layoffs at GameStop today. I had a great time deep diving into Ethereum and learning about many things in the crypto space.”

GameStop’s NFT marketplace 

GameStop launched an NFT marketplace in October 2022. The marketplace focuses on the Ethereum ecosystem and runs on the Immutable X side chain. Previously, in May, the company launched its own Ethereum wallet. This is a browser-based plugin similar to Metamask. 

However, the crypto market slump has had an impact on both platforms. This, therefore, resulted in the company's decision to cut down the team size as the NFT marketplace has not gained the traction it expected. 

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