GME Stock Up 16% Yesterday, GameStop Building NFT Platform on Ethereum

UTC by Tolu Ajiboye · 3 min read
GME Stock Up 16% Yesterday, GameStop Building NFT Platform on Ethereum
Photo: Shutterstock

GameStop is calling on qualified persons to join its upcoming NFT team as the popular gaming company makes its first entrance into the NFT world. GME stock is up.

Gaming company GameStop Corp (NYSE: GME) has publicly expressed its desire to enter the budding NFT sector. According to a page seemingly dedicated to the company’s NFT efforts, GameStop said it is building a team and is calling for interested and qualified persons to help with its NFT goals. In reaction to the publication, GME is on the rise.

New GameStop NFT Effort

GameStop’s public declaration is considered more of a quiet job call than an announcement. At the moment, the popular gaming company has not said more than the following:

“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: [email protected].”

Currently, no one knows anything about the project or the direction it would take. However, it is expected that GameStop would create interesting gaming NFTs. The new page titled “Change the Game” shows a gaming cartridge sliding into an unlabeled handheld gaming device similar to the Nintendo Game Boy. Scrolling down the page displays the following message on the handheld:

“Power to the players, Power to the creators, Power to the collectors.”

The gaming cartridge boldly features the Ethereum logo. This suggests at first glance that GameStop will build its NFT offerings on Ethereum. The page also features GameStop’s Contract Address which displays a “Game On Anon” message with an indication that the NFTs will use the ERC721 standard.

GameStop is yet to offer any official word. The closest thing to this is a suggestive Twitter gif that has caused a lot of speculation, even though it seems very unrelated to the company or its upcoming NFT team.

GameStop (GME) Stock

Currently, in the pre-market trading, GME is at $216 after climbing 3.14% from its previous close at $209.43, which was a 16.34% rise. GME has gone through quite the pump in the last year. Over the past 5 days, GME climbed 24.05%. In the last 1 month, GME has climbed 17.28%, also rising 128.46% in 3 months. 

However, the bigger numbers are in the year-to-date and 1-year figures. Since the year began, GME has jumped 1,011.62% and a whopping 4,365.46% in 1 year. The company’s current market value is $12.74 billion.

GameStop’s recent extreme jump was fueled by Redditors. Back in January, a group of retail traders on the Reddit social networking platform fueled a GameStop rally that pushed prices over 400%. The unusual movement caused the Robinhood trading platform to temporarily suspend GME trading.

Last month, Greenlight Capital manager David Einhorn accused Tesla Inc (NASDAQ: TSLA) of adding “jet fuel” to the fire that caused the GameStop short squeeze. Einhorn also named Chamath Palihapitiya.” 

“We note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation,” said Einhorn. 

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