Their financial results also came with an announcement in tow regarding its highly-anticipated NFT marketplace, with an expected launch “by the end of the second quarter of fiscal year 2022.” This would give the retailer until June 30th to make good on its promise.
A lot of hints and clues pertaining to the reveal of GameStop’s NFT push have been about, like initial reports of a crypto-centric recruiting campaign emerging just last spring. There was also a teaser website from May which showcased the project and how it’d be built on Ethereum. However, it was unclear at the time as to what exactly that’d look like.
Their move into the space became more apparent and transparent last month when GameStop announced its partnership with ImmutableX, which is a layer-2 scaling solution for speedy transactions on Ethereum, to assist with the launch of its NFTs.
Along with the ImmutableX partnership came a $100 million incentive fund, which would motivate game studios to build on GameStop’s NFT platform.
Their stock (GME) did in fact drop 9.6% in the after-hours trading last night, despite the Marketplace’s launch being confirmed.
As for the video game retailer’s journey into the NFT space, this happened when GameStop’s stock made headlines back in 2020 as one of the primary assets behind the meme stock frenzy in the financial markets.
Other equities such as Blackberry, AMC Theaters, Nokia, and even Bed Bath & Beyond all saw a huge surge as rookie investors poured money into these stocks. At this moment, some firms used this momentum to push deeper into the crypto space.
Other than GameStop’s foray into the NFT space, AMC Theaters is another great example of diving headfirst into NFTs, even accepting crypto payments including Dogecoin for ticket sales. They offered shareholders free NFTs, too.
As of right now, it does remain to be seen if other members of the meme stock caste shall make their way into crypto, as well.