GameStop's stock has had a very volatile year, and the company took advantage of last year's upward move by raising capital to invest for the future. One such area that GameStop has been dipping their toe into is the NFT space. Their NFT marketplace website has been updated today, pausing further Creator sign up form submissions, saying "Whoa, lots of awesome submissions. We need a minute to catch up."
Reports surrounding the existence of the NFT marketplace have been picking up in steam since we originally reported about the website's reveal back in May 2021. With tomorrow marking the anniversary of the day Wall Street turned off the buy button on GME, many shareholders are looking to GameStop to actually announce something. While WSJ reported on the NFT marketplace earlier this month, there has still not been an official reveal announcement. While some in the media have declared the NFT marketplace DOA, GameStop's own message today on the NFT marketplace website seems to imply there is a lot of demand. "Whoa, lots of awesome submissions. We need a minute to catch up. We are not accepting new submissions at this time. If you've already submitted an application, please stay tuned!"
GameStop (GME) shares are down quite a bit from the all-time high reached last year, but there remains an army of retail investors who hold the shares and show no sign of relenting in this battle between Wall Street and Main Street. With the SEC providing very little clarity on what happened a year ago and mainstream media panning the stock almost every day, many GME investors feel more emboldened and are digging their heels in for another round with hedge funds.
Will NFTs actually be a positive catalyst for GameStop? That remains to be seen, but this initiative highlights the changes going on at the video game retailer. For now, today's news puts a spotlight on the fact that there is still demand for the GME NFT marketplace. We will be keeping an eye on nft.gamestop.com for more updates and keep it locked on our GME topic at Shacknews to stay up to date on all of the latest GameStop news as it breaks.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.
At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, and his company Virtue LLC had the following positions:
Long GameStop via GME shares
Long GameStop via GME call options
Asif Khan posted a new article, GameStop (GME) pauses NFT marketplace Creator sign ups
This timeline sucks.
Oh no. I really thought NFTs would transform a dying retail chain into a multi billion dollar tech powerhouse