GameStop launches NFT platform on Ethereum and stock soars
GameStop, the games retailer, has revealed its new NFT platform on Ethereum and its GME shares have increased in value on the stock exchange.
At the moment, GameStop NFT is a webpage with a few pieces of information published, few but essential. In fact, there is a glimpse of the Ethereum symbol as the technological base on which the platform will be developed and the following sentence:
“Power to the players. Power to the creators. Power to the collectors”.
With an invitation to the general internet public (crypto and otherwise) to want to join the GameStop NFT team.
“We are building a team. We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders. If you want to join our team, send your profile or something you’ve built to: [email protected]“.
Not only that, the smart contract code states “Game On Anon” and links to GameStop’s NFT page and indicates that potential NFTs released by GameStop will use Ethereum’s ERC721 standard. The code also points to a dedicated token, GME.
The project is still in its infancy, but it seems the game retailer’s decision to expand into the world of Non-Fungible Tokens has been appreciated by its investors.
Gamestop (GME) shares rise in value on the stock exchange
Although without many twists and turns from groundbreaking announcements, the “quiet” reveal of the GameStop NFT platform seems to have arrived and been appreciated by the market on the stock exchange.
Indeed, GME shares have gone from a value of $144 in mid-May 2021 to $210 today.
Of course, this is not the first time that the infamous game retailer has made headlines for the not inconsiderable price volatility of its shares.
Earlier this year, the GameStop case took place, with GME’s stock experiencing volatility higher than that of the crypto market, or Bitcoin. The case dubbed the “short squeeze”, which turned out to be a financial meme, was studied at Georgetown University.
Obviously, the choice to enter the emerging NFT market cannot be compared. GameStop is implementing its own strategy to enter the emerging market of collectible tokens, which, in this 2021, is considerably popular.
Art, music and now games, are all sectors that are becoming increasingly involved in the NFT marketplace.