As the stock market continues to plummet day after day, investors were excited to wake up yesterday to a tweet from GameStop with the unveiling of the GameStop NFT marketplace. Early in the trading day the official GameStop Twitter accounted tweeted “gm!” — obviously standing for “good morning”. Followed by another tweet reading “Meet the new kid on the blockchain”. It’s an exciting move for GameStop to enter the blockchain technology sector and gives hope to investors that the stock will be on the rise again soon. Recent news of hedge funds like Melvin Capital closing down due to billions in losses last year from the GME short positions and Citadel also in financial flames, has kept retail investors keen on the GME stock and satisfied with their holdings. This announcement of the new GameStop NFT platform has only been more promising to investors and their confidence in GME.
The tweet provided GameStop with a boost towards session highs for the day, creating at one point a 10% surge in the stock price of the meme stock.. Investors are excited because the launch of GameStops NFT focused platform comes sooner than originally expected. In April, Robbie Ferguson, the co-founder of Immutable-X teased that about 4 NFT marketplaces would come together to integrate with Immutable X in the upcoming 2-3 months. Immutable X is an Ethereum based cryptocurrency platform to sell low priced NFTS. The news of the launch coming sooner than anticipated was not quite enough to revive the stock price by the end of the trading day, when GME closed down -7.4%. However at this point it doesn’t seem like anything can stop this bleeding market.
The current project has few details, the website for the GameStop NFT platform is currently sitting empty and the trading volume for the day remains fairly low considering the news. However as more news comes of the NFT project and if the bearish market continues we may end up seeing a spike in GME share price after the dust settles a bit. Especially since the expectations for GameStops NFT marketplace is that it may host a number of low cost digital assets and NFTS and investors anticipate that it will receive priority from Immutable X. We know that GameStop has hired dozens of employees with technology, block chain and e-commerce experience to create a desirable and useful platform for users.