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Video game retailer GameStop could be preparing to enter non-fungible token (NFT) space, based on the company’s recent activity.
GameStop has been around for many years. However, it became more popular earlier this year after retail traders picked interest in the stock, sending its price to an unprecedented level.
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Since then, the company has taken up several projects and changed its strategy in the market with Ryan Cohen, the next Chairman, serious about revitalizing the company’s image.
GameStop sets foot into NFT
Non-fungible tokens (NFTs) have also seen a popularity surge over the past year. It has been described as the next big thing in Wall Street by financial experts, as it keeps drawing interest from billionaires and the sports and entertainment industry.
On Tuesday, GameStop rolled out a new website with the domain name nft.GameStop, indicating the company’s interest to dabble into NFTs.
The website featured an animation with the inscription, “Power to the players. Power to the creators. Power to the collectors.”
GameStop is also employing a team of community leaders, marketers, gamers, and engineers, according to its website.
It also featured an address linking to an Ethereum (ETH/USD) crypto wallet, and about 40 transactions have been executed against the address.
A bumper week and a notable entry
GameStop has been in the news lately after its price surged by up to 37% following the increased interest of retail traders. The NFT market has also grown, the latest being the sale of Charlie Bit My Finger, a YouTube viral video, for $760,999. But demand for NFT has paused at the moment. The number of daily sales has dropped to 20,000 tokens from a peak of 34,000. However, GameStop’s entry into the NFT market is likely going to yield a positive outcome for the company and the NFT community.
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