Gamestop is planning to create a team of experts in non fungible tokens (NFT).
The well-known video game chain was the subject of a huge stock market boom at the beginning of the year, triggered by the well-known social network Reddit and the trading platform Robinhood.
Summary
Gamestop in the NFT sector
For several months now, Gamestop has been planning something to do with blockchain, and especially with the increasingly popular NFTs.
On October 25, the company placed a job ad for eight cryptocurrency experts, including an engineer who is an expert in software dedicated to non-fungible tokens.
The job ad reads:
“Gamestop is looking for a senior software engineer to join our NFT/Blockchain team. This role will be remote working with a team of engineers, product managers, designers, and business partners spread across the US. In this role, you will help design, build and maintain highly scalable services and core API components, powering the products and features that delight millions of Gamestop customers.”
The news was immediately discussed on Reddit, where users were very positive about Gamestop’s decision.
Reddit itself is reportedly looking for an NFT expert.
The Gamestop case on Wall Street
Gamestop attracted a lot of media attention for a few weeks at the end of January, thanks to a huge upswing in the stock market as a result of a buying spree organized on the WallStreetBets group created on the famous social networking site Reddit.
Users of the social network began exchanging messages inviting people to buy Gamestop shares, with the aim of countering the strategies of hedge funds, which were betting on the stock’s collapse.
The share price reached the stratospheric figure of $483 with a 1700% gain. But after a few days some operators, including Robinhood, the independent platform that had contributed to the irrational growth of the stock, blocked purchases of the GME stock, causing the value of the stock to fall to $50.
NFTs and gaming
Gaming is one of the most interesting areas of application for non-fungible tokens. It is enough to think that the most popular and popular NFT game, Axie Infinity, has reached a valuation of $19 billion.
Their daily trading volume is currently around $650 million. Their native AXS token has increased by 10,000% in the last 90 days.
The ability to earn tokens and have full ownership of a game’s features and accessories makes the NFT ecosystem ideal for digital game enthusiasts.
In recent days, Binance launched its first Initial Game Offering, which allows people to invest in gaming-related projects at an embryonic stage.
Tron recently launched its first DeFi game, Win NFT Horse.
In 2020, the NFT gaming sector reached $177 billion in value.
