Publish date:

GameStop Higher on Formation of Team to Create NFT Platform

GameStop is planning an NFT platform based on the ethereum digital currency. The was unveiled on the website nft.gamestop.com.
Author:

Shares of GameStop  (GME) - Get Report jumped on Wednesday after the videogame retailer said it was forming a team to create a nonfungible-token, or NFT, platform.

The platform will be based on the ethereum digital currency. The move was unveiled on the website nft.gamestop.com.

“We are building a team,” the site says. “We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders. If you want to join our team, send your profile or something you've built to: nfteam@gamestop.com.”

The page indicates GameStop already has created an ERC-721 standard token, which is used to create NFTs, Yahoo reports.

TST Recommends

A graphic on the webpage states: “Power to the players. Power to the creators. Power to the collectors.” So perhaps there will be a gaming theme, Yahoo notes.

GameStop recently traded at $239.54, up 14%. In the six months through the close of Tuesday's trading, the stock was up by a factor of 10, amid support from the Reddit crowd.

What Are NFTs and Are They Here to Stay?

Also on Wednesday, TheStreet.com’s Bret Kenwell discussed whether the stock can return to $300.

“It’s clear that this stock isn’t going away,” he wrote. “Of course, announcing its NFT line doesn’t hurt either. Neither does its elevated short interest.

“It’s actually quite impressive how high the stock price remains given that it’s been months since the short-squeeze hoopla created a stir in January.

“Impressively, the stock remains elevated despite multiple earnings reports and the company’s announcement to raise $551 million via a secondary offering.

“While this action will result in more shares coming to market -- increasing the share count or supply -- bulls have remained undeterred, keeping demand high as well.”