Who needs Big Tech earnings blowouts when we’ve got a story so meme-filled and delicious as GameStop’s (NYSE: GME) foray into NFTs (non-fungible tokens)?
And according to the company’s latest job postings, Reddit, fintwit, and my neighbor, that foray is well underway.
“Isn’t GameStop a ‘joke’ stock?”
There’s no need for name-calling! GameStop is a meme stock — a stock popular on social media despite being overpriced (by traditional metrics) and experiencing wild swings of price volatility.
And while GameStop is kind of the OG meme stock, that doesn’t make it a joke. In fact, unlike many other meme stocks, GameStop appears to have used this period of popularity to invest in a potentially profitable future.
According to the game retailer’s careers page, it is looking to fill a slew of vacancies relating to NFT marketing, NFT software engineering, and Web3 gaming management. Web3 is all about the next-gen internet experience and comprises blockchain, cryptographic protocols, digital assets, DeFi, and social media.
Meanwhile, the NFT developments would fit in nicely with the company’s recently launched ‘GameStop NFT’ website, where it is looking to build out its own marketplace for digital assets. With a long history in licensed merchandise, including Funko Pops and Minecraft memorabilia, GameStop could actually be poised to become a leader in the reportedly $370 billion NFT market.
Unlike its meme-stock brethren, GameStop could well be on its way to successfully pivot towards digital collectibles and games e-commerce model, leaving its bricks-and-mortar past behind. Sure, it’s a long way off just yet, and I wouldn’t personally invest at these overinflated prices, but I can’t deny that my interest has been piqued.
All GameStop needs to do now is become profitable again, beat out all its competition, completely redesign its business model, and maintain its cult-like reputation.
Content Manager at MyWallSt
Jamie is the Content Editor here at MyWallSt. His favorite stock is Apple, which is also the first stock he ever bought. Jamie is not only a big fan of its products, but he believes that the tech giant has a whole lot more to give the world, and hasn't even scraped the surface of its potential.