GameStop, the United States-based video games and electronics retailer, has announced that it will get into the NFT market. The company saw a legendary rally of its stocks ushered in by retail traders, users of the subreddit wall street bets, and a dash by short sellers to cover rising positions earlier this year.
The company has revealed that it will launch an Ethereum-based NFT marketplace platform, for which it has already begun hiring a team. The company released an NFT-themed website, nft.gamestop.com, that reads “Power to the players. Power to the creators. Power to the collectors.”
No other details were found on the page apart from the wallet address to an ETH cryptocurrency wallet but the reason for featuring it wasn’t listed either. Apart from launch of the website, the company hasn’t yet made any official announcement regarding the platform.
GameStop recently sold $3.5 million shares to generate over half a billion dollars, which the company intended to use for growth and transformation. While GameStop’s fortunes were lagging, the short squeeze rally and a change in leadership have infused new energy into the company, which it is trying to capitalise on.
However, the company’s move into the NFTs, or non-fungible tokens, comes at an interesting time. Even though NFTs have become more popular across the digital world, the value of daily sales has slumped by $ 160 million in the course of a month. The declines in total sales and daily sales have coincided with the crash of Bitcoin and other cryptocurrency prices. Most NFT platforms use an Ethereum blockchain-based technology.