GameStop's journey to NFTs
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$104,084.00
0.85%$2,541.19
8.66%$2.41
1.71%$662.81
0.24%$176.12
2.61%$0.999983
-0.00%$0.239989
14.60%$0.818126
4.79%$0.267011
1.33%$2,537.99
8.62%$4.02
1.60%$103,989.00
0.81%$16.97
5.70%$25.39
8.11%$3,045.78
8.54%$0.313047
4.30%$0.00001637
7.56%$0.213792
4.78%$3.49
5.31%$25.46
3.58%$417.33
0.46%$0.999956
-0.00%$104.62
1.18%$5.14
3.25%$8.31
-4.85%$2,544.79
8.70%$0.933067
26.31%$325.89
3.26%$2,712.47
8.60%$4.92
1.89%$0.00001308
3.76%$1.00
0.07%$104,044.00
0.85%$1.001
0.05%$7.31
13.64%$30.20
-0.40%$3.32
12.76%$454.81
4.41%$6.21
10.13%$224.70
6.26%$1.063
4.95%$55.59
1.69%$5.91
7.31%$20.33
5.50%$1.051
-0.00%$0.102931
1.19%$1.00
0.00%$35.68
6.44%$14.21
-0.16%$0.106569
0.92%$5.36
6.96%$0.03196397
5.78%$22.16
-1.44%$0.780943
1.35%$0.417117
12.64%$5.32
7.75%$0.270205
4.69%$0.884152
5.50%$0.481798
26.70%$3.26
7.72%$0.250466
6.88%$1.00
-0.14%$3.33
10.12%$103,342.00
0.67%$1.17
0.02%$0.611465
3.98%$4.37
0.28%$1.33
13.18%$0.00002273
5.06%$0.586815
6.82%$4.60
1.89%$1.028
-0.54%$1,870.66
7.15%$2,536.88
8.67%$0.920738
20.92%$0.999866
0.07%$2,651.05
8.80%$184.88
2.55%$98.77
3.41%$11.35
0.89%$0.927943
0.93%$0.767701
15.17%$0.262686
5.23%$1.34
-3.50%$4.94
12.48%$0.02046962
0.68%$1.29
1.15%$13.17
10.16%$1.95
1.18%$0.0785
2.07%$2,880.30
8.75%$0.122496
5.81%$103,942.00
0.86%$0.814592
5.53%$1.004
0.35%$1.06
14.65%$1.15
11.16%$0.00010564
4.22%$0.02268151
15.27%$662.24
0.26%$2,702.48
8.37%$227.08
2.47%$0.01939052
4.56%$0.999638
-0.02%$3.20
10.87%$0.903949
7.18%$1.00
0.14%$194.73
2.53%$0.01419238
3.81%$0.363989
7.37%$0.868295
4.71%$0.086676
10.77%$42.94
2.66%$104,380.00
1.11%$2.48
0.69%$3,325.11
-0.33%$2,668.18
8.93%$24.31
8.67%$14.06
-0.04%$0.00000081
0.21%$102,644.00
0.42%$103,186.00
0.67%$0.629624
3.10%$3,326.83
-0.43%$0.253426
5.04%$1.00
0.01%$4.14
3.32%$0.125661
3.27%$0.4615
4.58%$0.781185
11.46%$0.679587
6.75%$0.377417
5.93%$43.42
2.24%$2.12
3.71%$2,606.16
8.51%$0.190665
2.80%$0.99824
0.04%$3.97
3.14%$0.998559
-0.01%$1.78
15.82%$0.0185325
1.87%$0.239821
14.36%$0.750908
2.04%$0.515372
8.74%$0.01035787
-0.41%$1.10
-0.10%$0.188208
8.48%$0.232294
23.05%$0.745798
7.22%$0.00615753
2.21%$8.58
5.88%$19.96
5.98%$111.00
0.00%$2,541.14
8.60%$0.67923
5.14%$2,535.17
8.25%$2,701.89
8.45%$0.49695
-0.24%$4.49
4.10%$2,636.36
9.19%$104,193.00
0.75%$0.103157
12.97%$0.52432
0.16%$3.17
9.57%$7.18
7.80%$0.202265
2.22%$0.00002503
1.74%$0.998357
-0.05%$0.999988
0.01%$0.00928663
4.94%$103,339.00
0.27%$0.105028
5.60%$0.04940807
6.52%$0.722349
14.77%$0.00000119
13.51%$0.06514
-0.18%$100,216.00
0.09%$0.999976
-0.00%$1.84
2.95%$2,545.66
8.73%$1.62
-1.03%$48.63
5.85%$0.270375
4.81%$1.64
8.50%$1.80
24.68%$0.446813
15.52%$1.43
15.43%$0.162831
2.51%$0.00000043
-3.34%$2,542.09
8.78%$0.438268
5.79%$0.00595904
-0.74%$1.096
0.00%$1.008
1.34%$0.89073
4.81%$0.00455152
1.97%$0.347953
-1.16%$0.00007023
1.21%$102,706.00
0.10%$0.03834799
1.91%$0.379161
10.79%$0.00378499
-1.38%$0.01948345
1.12%$4.51
3.08%$33.91
3.00%$0.893254
4.28%$0.183667
-2.13%$141.65
7.30%$2,684.40
8.48%$0.999009
-0.17%$0.292557
9.98%$0.355244
-0.41%$21.66
0.18%$0.999998
-0.03%$2,791.68
8.62%$0.763296
3.08%$25.38
7.97%$3.07
2.35%$2,772.06
8.69%$0.240158
5.73%$0.572086
6.39%$0.00000163
2.02%$103,950.00
0.80%$0.998735
-0.09%$25.28
3.17%$2,535.38
8.40%$0.03770424
6.18%$19.29
6.01%$1.001
0.02%$2,733.58
8.36%$0.0035472
0.55%$1.00
0.03%$25.14
4.66%$0.00300303
11.68%$2,539.49
8.51%$1.10
0.15%$0.28188
15.89%$0.599588
2.65%$0.732827
13.61%$0.873997
7.63%$3.62
5.69%$1.23
61.84%$0.125944
4.65%$0.293582
2.54%$0.01497982
4.61%$0.04206409
4.54%$0.00
3.20%$0.079037
13.61%Reading
Despite GameStop's mixed Q4 financial results, the video game retailer did offer up at least one highlight for crypto enthusiasts.
The firm's financial results included an announcement that its highly-anticipated NFT marketplace is expected to launch "by the end of the second quarter of fiscal year 2022." This gives GameStop until late July to come good on its promise.
Hints and clues have surrounded the unveiling of GameStop's NFT push, with initial reports of a crypto-centric recruiting campaign emerging last spring. A teaser site from May also showed that the project would be built on Ethereum, but it was unclear what exactly that would look like at that time.
The move into the space became much clearer last month after GameStop announced a partnership with ImmutableX, a layer-2 scaling solution for speedy transactions on Ethereum, to assist with its NFT launch.
The tie-up with ImmutableX also came with a $100 million incentive fund to incentivize games' studios to build on GameStop's NFT platform.
Despite confirmation of the marketplace's launch, GameStop's stock (GME) dropped 9.6% in after-hours trading last night.
The bearish reaction is likely a response to the company's rather muted performance; GameStop reported a loss of $147.5 million in Q4 2021, a bleak figure given the firm earned $80.3 million in the same period the previous year.
The video game retailer's stock made headlines in 2020 as one of the primary assets fueling the meme stock frenzy in financial markets.
Other equities including Blackberry, AMC Theaters, Nokia and Bed Bath & Beyond surged as rookie investors poured money into these stocks. Some of these firms also used this momentum to push into the wild west of crypto.
GameStop's upcoming NFT launch is one example, but the AMC Theater chain also began accepting crypto payments, including meme coin Dogecoin, for ticket sales. They even offered shareholders free NFTs.
However, it remains to be seen if other members of the meme stock caste will also pivot to crypto.
This article has been updated to note that the end of the second quarter of fiscal year 2022 for GameStop is in late July.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Mattel has hit pause on its flagship Hot Wheels Virtual Garage NFT program, announcing there will be no further releases of new NFT series or feature drops “for the foreseeable future,” as the toy giant reconsiders the long-term future of its digital collectibles. “As we evaluate the changing world of virtual collectibles, we’ve determined the time has come to end our Series and Feature Drops in 2025 and onward,” Mattel said in an official update posted to its website. The decision puts an end,...
Claynosaurz, an NFT-driven entertainment brand that first set up shop on Solana, is expanding to a second blockchain: Sui. The announcement came during Token2049’s Sui Basecamp event, where Claynosaurz CEO Andrew Pelekis outlined how the team is setting its sights on a broader frontier for interactive digital IP—starting with a series of upcoming launches tied to collectibles, gaming, and community engagement. The expansion builds on a March reveal that Claynosaurz would use Walrus Protocol—a de...
FIFA Collect, the official digital collectibles platform for the International Federation of Association Football (FIFA) soccer organization, will migrate to its own Ethereum Virtual Machine (EVM) compatible FIFA blockchain—leaving behind Algorand in the process. Scheduled to occur no sooner than May 20, the migration away from Algorand does not require any immediate action from FIFA Collect users or NFT owners. “As FIFA Collect evolves, we are migrating the platform to the FIFA Blockchain, an...