Banking

GameStop is building an NFT platform as part of an ambitious plan to transform itself into the Amazon of gaming

GameStop launched a new website this week that revealed it’s hiring a team to build a non-fungible token platform.

A minimalistic web portal includes a message inviting engineers, designers, gamers, marketers, and community leaders to join the video-retailer’s team.

It also posted a link to an Ethereum address, possibly indicating its platform will be based on this blockchain technology.

NFTs are a type of digital asset that exploded in popularity during the pandemic, as enthusiasts and investors scrambled to spend enormous sums of money on items that only exist online. They are powered by blockchain, similar to bitcoin.

“Non-fungible” means that the item is completely unique and cannot be exchanged for something of equal or similar value.

Screenshot 2021 05 26 at 13.36.33

Read More: Warren Buffett is hoarding $80 billion of cash, cleaning up his stock portfolio, and declining to bash bitcoin. Veteran investor Thomas Russo says why that strategy will ultimately pay off.

The exact scope of GameStop’s project isn’t clear yet, but a graphic on its website states: “Power to the players. Power to the creators. Power to the collectors.”

Matthew Finestone, the company’s head of blockchain, said on Twitter he was “super excited & honoured” to be part of its NFT ambitions.

GameStop, founded by Harvard alumni about 37 years ago, found itself at the center of market attention earlier this year, after retail investors banded together to beat Wall Street hedge funds at their own game.

The company’s shares rose by as much as 2,500% within a matter of weeks, sparked by the power of herd mentality circulating on the Wall Street Bets forum and the surging popularity of trading apps like Robinhood.

It recently made a number of leadership changes under strategic direction set by activist investor Ryan Cohen, who is leading its shift to e-commerce to compete with big retailers.

Former chief financial officer Jim Bell and chief customer officer Frank Hamlin were among the senior executives who left this year, and CEO George Sherman is set to depart on July 31 or upon the appointment of a successor. A former Amazon Web Services engineering lead, Matt Francis, was appointed to its newly created role of chief technology officer in February.

Cohen and two other like-minded board members are at the helm of transforming GameStop into the Amazon of gaming.

GameStop was last trading 12% higher at $236.77 per share on Wednesday.



Most Related Links :
newsbinding Governmental News Finance News

Source link

Back to top button