Loopring GitHub suggests GameStop has bigger plans for crypto and NFTs

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A leak in the Loopring GitHub public repository shows a partnership deal with GameStop for an NFT marketplace could be on the cards.

Website GameStop Due Diligence provided an extensive analysis of the GitHub commit in question, piecing together clues leading to this conclusion.

“The amended code in the branch “NFT-DEV” under the GitHub commit titled ‘NFT feature makes reference to “gameStopMeta” and an IPFS URL.

IPFS is a distributed system for storing and accessing files, websites, applications, and data. IPFS was noted to be used by GameStop previously during their first NFT project reveal.”

GameStop has said it intends to diversify its business model. But so far, other than hearsay, the struggling electronics retailer has not released concrete plans on what that means exactly.

Even before the Loopring leak, some assumed the firm would naturally gravitate towards blockchain tech.

Based on recent job postings, it seems they are planning to go all-in on it.

GameStop feeling the heat

Thanks to the WallStreetBets saga earlier this year, GameStop is fortunate to have a buoyant company valuation. But, considering the firm continues to lose money, some say this is a position it doesn’t deserve.

Its Q2 report shows a net loss of $111.3 million for the 13 weeks to August. The accompanying forward-looking statement talks about pressures related to retail operations under COVID-19, and changing consumer behavior due to technological advances.

The firm appointed Matt Furlong, previously a senior Amazon exec, to the CEO position in June this year. To date, Furlong has yet to reveal anything substantial regarding his restructuring plans.

NFT marketplace and more to come

Nonetheless, the Loopring NFT leak confirmed what many were already thinking was an appropriate move for GameStop.

While the leak falls into the category of unconfirmed rumor, GameStop Due Diligence adds the firm isn’t one for “splashy public reveals,” and will likely announce the project once it’s completed.

“It is likely that GameStop will not make any splashy public reveals about GameStop NFT until the offering is finalized.”

What’s more, the start of this week saw GameStop post eight remote positions. Three relate to NFT marketing, another three for NFT software engineers, and the final two for Web3 gaming.

Web3 gaming hints at plans to develop virtual gaming, perhaps in a metaverse setting and bridging with NFTs. The job description talks about building products from scratch and requires experience with Ethereum.

“Have you built products from scratch? Have you launched new initiatives and grown them to billions in revenue? Have you dabbled in the new Web3 world? Are you a gamer to your core? If so, you belong here with us.”

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Posted In: U.S., GameFi, NFTs
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