Video Game Retailer GameStop Preparing to Enter in NFT Space

Video Game Retailer GameStop is gearing up to enter into the space of NFT. NFT is the trendy new digital asset that leverages blockchain technology to record ownership and avoid duplication of digital items. The video game retailer made a website that went live disclosing it wants to employ a team of engineers, designers, gamers, and others to assist in the development of an NFT platform.

The website doesn’t provide the full details regarding the NFT initiative. It has been disclosed that clicking a tiny dot on the nft.gamestop.com website opens up a retro side-scrolling video game where the player manages a cat-like creature and jumps over swiftly approaching difficulties. It’s not clear yet if this game is just an easter egg for the website or if it’s providing a hint at something huge.

Furthermore, GameStop enticed a cult-like following online in the previous year when traders on the r/WallStreetBets subreddit successfully activated a short squeeze in the market for the stock of the firm. The stock, which commenced 2021 trading at less than $20, touched to almost $350 by the end of January. GME continued to show huge volatility. It includes a correction below $100. However, the stock improved, and is presently trading at around $209.

In addition to this, it was disclosed earlier a month ago GameStop was employing people familiar with cryptocurrencies, blockchain technology, and NFTs. Sites such as GMEdd and Decrypt were the ones who initially discovered and revealed the job listing.