The iconic video gaming business GameStop (GME), which received a fresh lease on life in 2021 thanks to Reddit. Then, andand retail purchasers, has disclosed its NFT ambitions. According to a Bloomberg story, GameStop is intending to transition from a brick-and-mortar business to an entirely internet platform. According to reports, the company is in talks with a number of blockchain. Then, and cryptocurrency companies to better assess market demand.
GameStop intends to create several funds, each with a cap of $100 million, to invest in artists, content creators, and gaming studios. Because play-to-earn (P2E) games are now the most popular in the NFT ecosystem, GME may be able to take on the P2E industry with its extensive gaming experience.
While NFTs were first introduced in 2012, they gained traction in the 2019-20 season when sports leagues began to use them as fan tokens. The market was turned on its head in 2021 when it became as popular as the Defi market, and despite an increasing amount of frauds indicating a possible market peak, the NFT ecosystem continues to flourish with mainstream companies.
The NFT mania, combined with the Metaverse theme, presents a large market opportunity for new players. Then, and Gamestop may decide to establish its own game metaverse. Facebook, the world’s most popular social media platform with over $2 billion in monthly active users. Then, has changed its name to Meta to emphasize its Metaverse ambitions.
Similarly, GME may create its own gaming metaverse with hundreds of millions of cash at their disposal.
The success of OpenSea, an NFT marketplace built on top of the Ethereum network. Therefore, demonstrates the popularity and promise of NFTs. OpenSea has raised $300 million in new capital, valuing the company at more than $13 billion. Within a year, the NFT marketplace had grown into a multibillion-dollar business.