Gamestop building an NFT team
Updated: Oct 4, 2021
With no indication of the non-fungible token (NFT) trend waning, video-game retailer, GameStop Corp (NYSE: GME), has announced it is building an NFT platform.
You may recall we recently wrote of eBay's NFT platform plans to bring NFTs to the everyday person. Gamestop's name may be familiar to you as it was at the centre of a trading frenzy driven by Reddit forum WallStreetBets in January 2021.
Gamestop's current priority appears to be to "welcome exceptional engineers… designers, gamers, marketers, and community leaders” to join the team.
Gamestop's announcement also includes a link to an Ethereum address of an ERC-721 standard token, which is used to create NFTs.
Given Gamestop's background, and its cryptic advertising:
Power to the players. Power to the creators. Power to the collectors.
we speculate that Gamestop's NFTs may be gaming-based tokens for players. No doubt many fans will be keeping a close eye on Gamestop's plans, and Redditors might be getting excited as well at what this could do to the share price.
Naturally, player, creators or collectors of NFTs, will only have "power" if they have a clear understanding and legal entitlement to something embodied in the NFT they buy.