The gaming retailer that took over the news media during its recent Wall Street bets fiasco, that saw major hedge funds short its stock after being squeezed by retail investors on reddit, is now doing exactly what I had hoped they would.
They have quietly revealed that they are currently working on a new non-fungible token (NFT) platform.
The ‘reveal page’ is cryptic, but there are a number of details that can already be seen. For instance, we know that they are currently assembling a team
“We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders. If you want to join our team, send your profile or something you’ve built to: nfteam@gamestop.com.”
There is also a smart contract address that you can look at on etherscan, that hints at additional details. Most notably, the contract suggests that GameStop NFTs will use Ethereum’s ERC-721 non-fungible token standard with further evidence of a GME token implementation.
Details around this project are in stealth mode, however we are seeing activity on Twitter where some additional insights can already be gleaned.
This project is exciting to me personally, as I remember during the Wallstreet Bets fiasco the level of energy and excitement in GameStop as a company, and what they could potentially do to reinvigorate their brand. With new energy and capital being raised on the backs of Hedge funds, the sky’s the limit. I had only wished I had the opportunity to present to someone at GameStop myself. I would share that they should get into NFTs ASAP, and incorporate non-fungible technology into their mainstream gaming ecosystem.
I thought that being able to resell old games, one of GameStops’ main revenue streams, would benefit greatly from being on the blockchain. Allowing game developers to continue to receive royalties from secondary sales which could create increased longevity for development studios. I immediately saw so many potential applications and possibilities. GameStop with this kind of new capital, being pointed toward the Blockchain and Non-fungible token technology, could be revolutionary for the entire crypto ecosystem. Fast forward to May 2021, and it seems as if GameStop has figured it all out without me. Maybe I should have minted a non-fungible token with my idea at the time to prove I had these ideas about NFTs and GameStop first.
The underdog energy that fuels the ‘Wall Street Bets’ movement paired with the incredibly passionate gaming community and the fanatics of crypto culture is a clear recipe for explosive growth in my opinion. I am very interested in seeing how this team begins to form up, and what additional details we can discover in regards to what GameStop has up its sleeves. In the meantime, I would expect a new injection of hype and interest all over the interwebs around a GameStop NFT entry. GameStonks NFTs here we come!
