22/07/2021 GameStop Stock: Why NFT Could Be Big For The Company

In recent days, news that GameStop would enter the NTF arena gained traction among apes and Reddit traders. Wall Street Memes discusses why this could be good news for the stock.

 

GameStop  (GME) - Get Report shares have been heading lower week after week since June 9. But the meme mania pioneer remains one of the most debated stocks among Redditors. Last week, on July 14, news of GameStop's NFT release bumped the stock’s popularity on WallStreetBets. See below.

 

Latest news

Recently, news has surfaced that a GameStop NFT (non-fungible token) project was underway. Some investors and traders saw the development as a potential catalyst for the stock.

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OPULOUS JUST RAISED $6.5 MILLION. NOW IT WANTS MORE ARTISTS TO SELL NFTS THROUGH ITS PLATFORM.

NFT is a single asset usually embedded in an object (like a video game skin, for example) and registered in a blockchain network. It is an encrypted digital record of a piece of art that can be bought, sold, and collected.

The news gained relevance after GameStop launched a website about NFT in the past few weeks. However, not much more information has been shared by the company so far.

Why NFT is relevant

NFT is a form of CryptoArt. The art pieces can take the form of a logo, a phrase, a song, and are published directly into the blockchain.

Although the CryptoArt market has been around for a while, it has gained more attention in 2021. The chart below shows that the CryptoArt market is already valued at $594 million, as more than 800,000 artwork pieces have been sold so far.

 

Below are some fun facts about CryptoArt:

  1. the co-creator of the famous cartoon Ricky and Morty auctioned off a hand-drawn black and white piece of CryptoArt for $150,000;
  2. the most expensive CryptoArt on record was sold for $69 million: Everydays, by artist Beeple;
  3. viral video “Charlie bit my finger” was turned into an NFT and sold for over $760,000 in June;
  4. the CEO of Twitter sold his first tweet artwork for $2.9 million.

Can GME benefit from NFTs?

GameStop has not yet offered details about the launch of its NFT or its strategy around it. It is safe to say that the company would benefit from diversifying its business model, expanding further beyond gaming and the brick-and-mortar channel – and that it is probably looking to do so with digital art.

The company is currently pushing to turn its fortunes around. CEO George Sherman left the company after failing to meet his goals – not before cashing insome of his GME shares at meme prices.

On the e-commerce front, GameStop has recently hired several former Amazon employees to improve the digital strategy. Billionaire Chewy co-founder and GameStop chairman Ryan Cohen seems to have the credentials to help overhaul GameStop’s operations, which has helped to keep meme mania alive.

Will GameStop succeed at turning its business around? Only time will tell. In the meantime, the Reddit crowd seems to be paying close attention, in hopes that the stock can surge once again.

Twitter speaks

GameStop shares have been well off their June 9 levels, and about 50% below the late January top. How confident are you that GME will revisit its previous highs?

 

 

 

Arts

https://www.thestreet.com/memestocks/gme/gamestop-stock-why-nft-could-be-big-for-the-company

Interesting NFTs
Fever-rider
A character from The Beacon
The Moth Catcher
In this psychologically bed-headed portrait, a creature sets in a trance; his eyes devolved and vestigal, his third eye open but hardened and in a form resembling a Sharingan. The imagery therefore expresses an awareness existing in corporeal introspection. The creature’s mind sprouts, on the left side, an emerging face, grinning. To the right side of the head, red tentacles and fingers intertwine–a collaboration of invertebrate and vertebrate consciousness cooperatively handling paint brushes of the sort used to build an oil painting. The neck and throat bristle with random thorns, as from a rose or the upper portions of a beak sprouting from its flesh. The neck itself disassociates into layers of membranous material, terminating upon an abstracted base of convoluted forms composing its body. The nose is virtually non existent, more a sinus reiterative of the shape of the third eye. Set against the exposed teeth peering out of thick, meaty cheeks, a skeleton-like impression results. That impression sets behind a visceral set of lips and tongue, which is the creature’s prime seat of awareness. Sensual, organic, the tongue organ hangs, meaty, and with consciousness of a sea cucumber. It illuminates at the tip, drawing the attraction of a nearby moth–with mystery of purpose.
CryptoPunk #8857
The CryptoPunks are 10,000 uniquely generated characters. No two are exactly alike, and each one of them can be officially owned by a single person on the Ethereum blockchain. Originally, they could be claimed for free by anybody with an Ethereum wallet, but all 10,000 were quickly claimed. Now they must be purchased from someone via the marketplace that's also embedded in the blockchain.
#88961
By OthersideDeployer
Stay Free (Edward Snowden, 2021)
This unique, signed work combines the entirety of a landmark court decision ruling the National Security Agency's mass surveillance violated the law, with the iconic portrait of the whistleblower by Platon (used with permission). It is the only known NFT produced by Snowden. Produced using open source software. This auction is on behalf of Freedom of the Press Foundation. https://www.aclu.org/press-releases/appeals-court-strikes-down-nsa-phone-spying-program-aclu-lawsuit