It looks as though GameStop (NYSE:GME) may be gearing up for a full-on embrace of nonfungible tokens, the trendy new digital asset that works with blockchain technology to record ownership and prevent duplication of digital items.
Video game retailer GameStop created a website that went live today to announce plans to hire a team of engineers, designers, and gamers to help develop its NFT platform.
Over a month ago, we reported that GameStop was hiring individuals with experience with cryptocurrencies, blockchain technology, and new financial technologies. Initial notice of the job listing came from sites such as GMEdd and Decrypt, but a Fox News reporter who saw their reporting amplified it through a tweet.
There isn’t much to see on GameStop’s NFT website. In the illustration, a Nintendo Game Boy-type device is seen spinning with the words “Power to the players, power to the creators, and power to the collectors.”
In addition, there are statements on the website saying, “We are building a team. We welcome exceptional engineers (solidity, react, python), designers, game developers, marketers, and community leaders.”
A link, however, appears between the image and the statement.
GameStop hasn’t made any official announcements about where it’s going with this gambit yet, so we have no idea how it’ll go. NFTs still attract attention.
Earlier this week, a non-fiction book representation of the viral YouTube video “Charlie bit my finger” sold for $760,000. YouTube has removed the video.
Ethereum will be the foundation for GameStop’s NFT platform
Earlier this week, GameStop unveiled a new platform using non-fungible tokens (NFT).
Our team is being built, the page states:
“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: firstname.lastname@example.org.”
Despite the lack of clear details about the project, GameStop’s website prominently features an Ethereum address, suggesting that the company will use Ethereum as its technology platform.
In the smart contract code, “Game On Anon” is declared and a link to GameStop’s NFT page is provided. The page indicates that potential NFTs released by GameStop will be issued using Ethereum’s ERC-721 standard. GME is also linked to the code.
GameStop’s NFT offering would be intended for gamers, creators, and collectors, as stated in an animated image on the page.
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GameStop in NFT market.
GameStop is a worldwide corporation with a wide range of services, one of which is the NFT market. As the world is seeing more and more consumers move towards non fungible assets, GameStop has also seen an increase in their customers seeking to purchase NFTs. They are a market leader in this space and will be expanding their offerings as a result.