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May
26
2021

GameStop Announces It's Building An NFT Platform On Ethereum
Omid Malekan

Gamestop is creating a team for a non-fungible token (NFT) platform based on Ethereum. On Tuesday, Redditors found a new portal on the company's website called "nft.gamestop.com." Not much is known about the portal, but the title of it reads "Change The Game."

Scrolling through the portal, one discovers a console that resembles a GameBoy from the 1990s that has three powerful statements:

• Power to the players. 
• Power to the creators. 
• Power to the collectors.

The video game retailer went on to say it's welcoming "exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders" to join its NFT team. 

The announcement comes as NFT mania has likely transformed into the next crypto bubble. Signs of excesshave been spotted in NFTs for digital art going for millions of dollars. 

Even Ebay wants to get into the action... 

Details are scant about what Gamestop will conjure up. However, back in April, the company revealed it was seeking a security analyst with a background in blockchain, cryptocurrency, and NFTs.  

Gamestop is the first "meme stock" that Reddit traders steamrolled hedge funds who were heavily short the stock. Shares in the company surged hundreds of percent to nearly $500 on Jan. 28. but have since slumped. In recent sessions, shares have perked up, and as of Wednesday, shares were up more than 12%, trading around $234. 

The portal also shows an Ethereum smart contract address as well.

Data from Ortex shows investors shorting meme stocks, such as GME and AMC, lost $754 million on Tuesday. That number is likely to increase during today's US cash session.

"The sharp price increase can cause short position holders to try to close their positions by buying back the shares, causing additional demand which in turn can cause the share price to go up further," said Peter Hillerberg, co-founder of Ortex.

"This is what the 'Reddit army' is hoping for."

And he is right as GME (and AMC) are back at the top of WSB's sentiment index...

All of this comes as Roaring Kitty Capital, LP on WallStreetBets doubled down on his GME shares. 

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