Gamestop (GME) shares rallied in the pre-market as news of a possible NFT platform on Ethereum’s blockchain swept Twitter.
According to an information trail on Twitter, GameStop plans new NFT Marketplace on Ethereum, the identifier“Croissant” from Twitter claims that the American video game company is looking to exploit the vast opportunities for NFTs (non-fungible tokens). However, so far, there has been no official confirmation from GameStop.
GME announced in late May that it would start developing NFTs and launched a special website. However, the site provides very little information other than a large Ethereum logo.
Earlier in the year, GME became a stock meme as its share price went up 600% in a few days. This was the result of several retail-oriented investors placing bets against Wall Street’s short positions.
Stock prices went from around $43 to an incredible $294 in a matter of days. The frenzy during that period caught the attention of the crypto community as well as established players in the investment space. Tech entrepreneur Elon Musk even famously dubbed “Gamestonk” as your own reaction.
GME shares are currently trading at $213 and the company has since leveraged its position since that meme period. Like ‘Croissant‘ put it:
“This gave GameStop a huge treasure trove of funds to work with and use to further its new CEO’s vision of becoming the Amazon of games.”
Twitter’s identifier revealed to its 53,400 followers that “A huge increase in users is about to come to ETH”. ‘Croissant‘ went further to detail speculation on a topic. Additionally, Twitter noted that integrating NFTs with GameStop could yield more users for the company.
GameStop’s Principal Engineer Jordan Holberg has also commented on this. According to Holberg, the video game giant wants to be the “bridge between the old and the new – the traditional “legacy” e-commerce and the next generation of blockchain.”
Twitter Observer points to industry moves as evidence of Gamestop NFT plan
Furthermore, ‘Croissant‘ pointed out that several recent company hires were from crypto space and blockchain. This, she believes, supports GameStop’s intentions to start developing NFTs in earnest. The Twitter identifier says that users and traders will be able to interact with additional benefits provided by the Ethereum blockchain.
This includes a broader range of decentralized authenticated apps that don’t affect privacy. ‘Croissant‘ notes that this change is “a very significant step for your entire user base”. He concluded by stating that GameStop was in the early stages of widespread adoption of the Ethereum blockchain.
Ethereum Layer 2 solutions can be what will facilitate this integration of countless users. This is because Ethereum Layer 1 seems incapable at the moment due to the rising gas prices of the NFT frenzy.
GameStop is headquartered in Grapevine, Texas, which is a suburb of Dallas. The company was founded in 1984 and ranks 521st on the Fortune 500. As the world’s largest video game retailer, it operates chain stores in the United States, Australia, Canada and Europe.