GameStop's stock has taken a beating in the last month or so, but did you know there is actually an underlying company that is doing things? Today, GameStop updated their NFT website with an application form for creators.
We reported on the existence of this GameStop NFT website back in May 2021, but things appear to be ramping up for a launch sometime soon. The NFT website over at GameStop includes the message "Power to the Players. Power to the creators. Power to the collectors." Underneath the image is a link to an Ethereum-based contract address.
Many GameStop (GME) investors believe that this new NFT marketplace will be powered by Loopring technology. Loopring has highlighted their "open-sourced, audited, and non-custodial exchange" protocol's high throughput, security, and low costs as some advantages. Some GameStop investors and traders have also begun building positions in Loopring's cryptocurrency leading up to the expected launch of the NFT marketplace, and it remains to be seen if that is a wise decision.
As for GameStop's NFT marketplace creator sign-up form, here are the questions being asked:
- First up, what should we call you?
- Cool. Thanks for wanting to participate. What best describes you?
- Independent artist/creator/game dev/meme lord
- Company/brand/game studio/IP holder
- The third question is based on the answer to question 2.
- Please provide a link to your website or tell us a bit about your organization
- Have you ever created an NFT before?
- The fourth question is based on the answer to question 3.
- Have you used an Ethereum Wallet before?
- Please link to an NFT project you have previously created.
- What do you have in mind for collaborating with the GameStop NFT marketplace?
- Please provide your email/ethereum address so we can get back to you
- Awesome. Thank you. Leave any parting thoughts below, if you'd like.
The company has not provided any details on when the GameStop NFT marketplace will officially launch, but with it seems like things are heating up with the update to the website and the solicitation for creators to sign up. If GameStop and Loopring are successful in launching a viable competitor to OpenSea with lower transaction fees, this could be a big deal for the cryptocurrency community.
Taking a dump in the metaverse. pic.twitter.com/sAb5W4ZBbx
— Ryan Cohen (@ryancohen)
For people who hate NFTs, this could be used as another reason to bash GameStop. With the masses backing the GameStop shareholder movement in 2021, it appears that 2022 is going to feature even more discourse surrounding the video game retailer as they continue to pivot away from brick-and-mortor retail stores towards new segments of their industry.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.
At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, and his company Virtue LLC had the following positions:
Long GameStop via GME shares (hedged with out-of-the-money put options)
Long GameStop via GME call options