Guess who’s back, back again? GameStop apparently. And it’s all thanks to NFTs. Yes, I’m leaning heavily into the sarcasm and frustrated eye rolls. However, the truth of the matter is, after announcing the company’s plans to get into the NFT market, GameStop’s stock rose over 20% last week.
If you follow tech news, NFTs and GameStop have both been in the headlines in recent months. GameStop has been in a downward spiral financially for awhile now, with record sales losses and shutdowns of multiple stores across the US. Then there was the crypto Robinhood craze almost a year ago that saw the company’s stocks bounce all over the place. When the dust finally settled, GameStop seemed to see a path back into money and took it.
Last year, reports of job listings for the company included security analysts with experience in blockchain and cryptos. As of now, there are over two dozen staffers working on creating a crypto market.
Worth the price?
According to an article by CNBC, GameStop plans to establish crypto partnerships and “create games and items for the marketplace.” Seeing as it is not in the habit of making individual games for consumers, it is an interesting, if not risky move to make.
It should be noted that NFTs can sell for a hefty price. The largest sale to date went for $63.9 million. So, it is understandable for a company like GameStop to be interested in making bank. But at what cost? The environmental impact concerns and the adamant backlash from players, who are- let’s not forget, also buyers, could mean jumping headlong into the fire of NFTs may be incredibly foolish.
And because the stock market is always influx, as of today, GameStop’s stocks have dropped by 12%. It would be advisable at this time, to just wait and see. It’s bound to be an interesting start to 2022.
As always, we welcome your comments. Let us know below what your thoughts on the matter are!
