GameStop joins the NFT craze; somewhat a little bit too late

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GameStop has just joined the NFT band­wag­on, but their tim­ing can’t get any worse as the NFT mar­ket free falls.

GameStop has just announced that it’s join­ing the blockchain with its very own NFT wal­let. While cryp­to­bros will sure­ly cel­e­brate this move, the rest of us are rais­ing our eyebrows.

Sure, the cryp­tomar­ket is very allur­ing, so it’s hard to fault com­pa­nies for want­i­ng a piece of the cake. How­ev­er, it’s very alarm­ing that GameStop – a com­pa­ny that is known to have been floun­der­ing finan­cial­ly only until recent­ly – would enter the mar­ket in its cur­rent state. As many who dab­ble in NFTs would know, we’re cur­rent­ly in a bear sea­son, with inter­est rates being high and trade activ­i­ty being very slow and in low vol­umes recent­ly. In fact, Kotaku had a fan­tas­tic arti­cle released just week doc­u­ment­ing the cryp­tocur­ren­cy mar­ket crash that hap­pened – and con­tin­ues to hap­pen today.

We’re appre­cia­tive of com­pa­nies who aren’t scared to take risks in the name of inno­va­tion, and up to today, there’s still a lot of poten­tial for Web3 and cryp­tocur­ren­cy appli­ca­tions. How­ev­er, GameStop couldn’t have select­ed a much worse time to announce its entry into cryp­tocur­ren­cy than today. Still, this kind of behav­ior is what’s need­ed by com­pa­nies like GameStop to keep them­selves afloat and rel­e­vant. The com­pa­ny has already brushed with death only a cou­ple of years ago, not until wall­street­bets bros pumped the life back into it. Now, it’s try­ing to keep itself afloat by its own efforts – and hope­ful­ly, this move ulti­mate­ly helps the com­pa­ny sur­vive in the long term.

But oh boy, we’re sure that GameStop will have a very rough year ahead.

Death Stranding, Death Stranding Leaks, Death Stranding 2, Norman Reedus, Kojima Productions, Sam Porter Bridges



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