Darling of r/wallstreetbets and other popular YOLO investment strategy websites, GameStop is opening an NFT marketplace. As part of their strategy to move away from failing retail locations and lacking much more than Funko figurines and Pokemon tee-shirts to sell, digital transaction records of things commonly available for free is their next big market.
CNBC:
GameStop on Monday announced the long-awaited debut of its online marketplace for nonfungible tokens, or NFTs, in a bid to reinvent its business and cash in on consumer adoption of cryptocurrencies and blockchain technology.
The platform, which is now open to the public for beta testing, allows users to connect their own digital asset wallets, including the recently launched GameStop Wallet, the company said in a press release. They will then be able to buy, sell and trade NFTs of virtual goods. Over time, the marketplace will expand to offer other features such as Web3 gaming, GameStop said.
This is the latest push by the videogame retailer, now chaired by Chewy founder and activist investor Ryan Cohen, to invest in a digital future. GameStop is undergoing a turnaround following several years of financial struggles, burdened in part by its massive real estate footprint and the videogame industry's rapid shift online.
