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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NFT: The New Digital Token Craze That’s Shaking Up the Art World

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
Who Is The Creator 2
The idea for this piece was borne out of a tweet of mine that caused a bit of a stir. I’d posted a link to a blog article I’d written a number of months previous titled ‘Who is the Creator’ discussing various types of creative collaborations and why I hire people to work on my animations. It generated a lot of debate around creation and attribution with the community split on whether it’s right or wrong for an artist to hire other professionals to help them realize their art projects. I decided to push the boundaries even further and see how the cryptoart community responded. What if I quite literally had nothing to do with the physical or digital elements of the work other than coming up with the concept and coordinating it? I decided there was one artist in the space who could add huge value to this idea on levels that none other could and so I gathered my courage and contacted the great José Delbo to ask him if he’d be interested in a very unique collaboration. I explained to him that to make this piece ‘work’ he couldn't have any say in what I produced and moreover, he wouldn’t even be allowed to see the animation until it was dropped on MakersPlace. To my surprise, Mr Delbo agreed to my proposal. The animation tells the story of the creative process, which includes my roles as writer, director, and producer working with a team and making edits and changes ‘in real time’. The dialogue between myself and my ‘hired guns’ plays out in front of the viewer. The music written for the piece adds to the nostalgia of the comic book superhero theme but other elements such as the snapping and kicking of the pencil and the signing of my signature at the bottom incorporates further layers and challenges the viewer to ask important questions, such as, is the ‘Art’ the final animation (the creation) or is the ‘Art’ the concept/credit for the creation itself?
The Rare Pearl Moon with Motion
Motion Version Part of my moon series. This super rare pearl moon has just washed ashore on a remote tropical island beach, fining one of these rare Jems is like a total worldly treasure! These moons, only fall to earth once in a few million years! When I found this one I felt the luck that is said to come with this pearl moon.
Marinalandia
The aquatic world in a world to observe, to recreate, like the glacial landscapes. Both are a planet within ours, full of colors in the tropical case or minimalist in the glacier case, with strange species and wonderful animals each in its environment. This visual toy brings you a piece of that world in a fantastic setting.
Bladerunner
Hi-ya! I'm Bladerunner. I'm a professional Mad Scientist and I love lasagna. I once dreamed of being a Culinary Sanitation Specialist. Now I can be found talking about how much I lift all day. It's pawesome to meet you!
#6368
By OthersideDeployer