GameStop is planning to build an NFT platform based on Ethereum. The company is encouraging all game developers and other industry experts to contribute.
GameStop joining the NFT craze
GameStop is now getting into the NFTs. This video game retailer has created its website. Moreover, it shared a smart contract for the new platform. Game on Anon is the source code title.
The website has several features linked to it where developers, designers, and other market leaders have been invited to contribute to development. On top of that, GameStop launching a token on Ethereum is possible.
GME tracker has been set on the contract. But it doesn’t contain further information, and the supply is 0 currently. Nevertheless, some of the Ethereum users have tried to interact with the smart contract since its launch.
The blockchain explorer, however, indicates that no transactions went through. After the firm opened a vacancy, it set the plans for the NFT platform in motion last month.
Moreover, the NFTs have a strong use case in the video game industry as gamers can use them to tokenize the in-game assets. Therefore, there is potentiality a substantial market opportunity for GameStop.
First Meme Stock
During 2020 the online retail company thrived in the lowest rungs of the market and was heavily shorted by the hedge funds. Then, finally, things started turning around for GME after a period of retail investment mania fueled by social media platforms like Reddit, Twitter, and Tiktok.
Thus, GME has become the first of many shares that have dubbed meme stocks.