Video-game retailer GameStop is planning to create a NFT platform which is based on the Ethereum cryptocurrency. They publicized their plans on Wednesday (26th May) this week on their website by stating that they are building a team for the proposed NFT platform, and looking forward to hire engineers, designers, marketers and even gamers.
GameStop shares sky rocketed on Wednesday right after the announcement of this latest initiative to step on to NFT market which is being now taken-up by gamers mostly. With this, GameStop launched an NFT-themed website under the domain nft.gamestop.com featuring an attractive phrase, “Power to the players. Power to the creators. Power to the collectors,” which would most probably imply that the NFTs will be based on gaming.
The website does not provide additional sub pages that address in-depth the NFT project by GameStop. Yet the link that they have provided in their website to join the NFT team that they were developing shows that as part of the plan for the platform, GameStop has already created an ERC-721 standard token, which is used to create NFTs.
GameStop became a news maker early this year, as it was at the center of a trading frenzy driven by Reddit forum WallStreetBets, which saw the company’s stock soar as high as $483 on January 27th compared to $18 at the end of 2020, by generating massive losses for hedge funds.
Even though the video-game retailer have not issued an official statement regarding their future NFT plans or any additional details on the latest initiative. GameStop stock experienced a smaller yet still significant rally in recent weeks, priced at $217.99 in pre-market trading Wednesday, which is an increase of nearly 23% since the start of May. This indicates that the company’s stocks will experience the bull run for sometime ahead.
NFT market has been attracting lot of attraction with its significant growth and popularity. Yet its pace has slowed down during last few months together with the overall crypto bull-run. According to NFT data, the number of daily sales between April 27th and May 26th fell from 34,000 to 20,236 tokens. Furthermore, daily sales’ value dropped to $15.1 Million on May 26th from a high hit on May 9th at $176 Million.
The new NFT platform that GameStop is planning to create would be an impulse to reboot the slow growth phase that the NFT market is currently experiencing and would even result in new trends in NFTs. As everyone is optimistic about NFTs, there’s long way for it to go.