GameStop doubles down on blockchain and NFT

Video game chain GameStop has announced it’s forging ahead with plans to release its long-anticipated NFT marketplace.

This comes on the tail of losses of $147.5m during the company’s fourth-quarter results. GameStop rose to salience in the crypto world during the short-seller fiasco of 2021.

The shift towards blockchain began when the platform was saved by a Reddit sub-forum by the name of WallStreetBets which called the forum’s users to rally and start pumping GameStop stock which in turn scuppered the plans of short sellers, potentially costing them millions in the process.

After the initial pump had subsided and GameStop was saved, the game store chain continued to face the same challenges.

In an era where everything has gone digital, GameStop is trying to stick to the physical distribution of games which has proven a challenge.

NFT has been the chosen alternative, although this will prove a challenge. The NFT market has been bearish with sports franchises and private companies entering it rapidly and seeking to benefit from it.

Betting companies such as DraftKings have launched dedicated marketplaces for example. During March Madness, DraftKings introduced its dedicated NFT series for the college tournament. Meanwhile, Dapper Labs has been realizing strong sales with NBA Top Shot.

GameStop is actively looking to expand in the blockchain, NFT and Web3 space, hoping to ditch its dependence on physical retail shops and build up a legacy that positions it strongly for the future. However, the company is not very likely to avoid a few choppier financial quarters.

In the meantime, you may find fun blockchain gaming solutions available to you at places such as Bitcasino, 1xBit or FortuneJack.

Source

Updated: 03/21/2022 — 10:00