Retail: GameStop hires staff for planned NFT platform | newsletter

• GameStop is recruiting new employees for the NFT platform

• NFT platform to lead GameStop out of crisis

• The video game industry sees great benefit in NFT

US retail chain GameStop wants to create its own trading platform for obtaining digital certificates of authenticity, called NFTs. According to information from the Wall Street Journal, the company has already hired more than 20 employees to oversee the platform. NFT stands for non-fungible tokens and non-interchangeable digital goods that confer ownership on the bearer. GameStop now wants to integrate NFTs into the trade in video game items such as player avatar weapons. Trading Bitcoin with Plus 500 – How does it work? 72% of retail investor accounts lose money when trading CFDs with this provider. You should think carefully about whether you can take the high risk of losing your money. After the company was looking for an analyst with knowledge of cryptocurrency and NFT on its website in April 2021, there were initial rumors about the group’s potential plans. It is currently unknown when the platform will be launched.

Retail chain under financial pressure

The financial situation of the American company has been tense for years. The COVID-19 pandemic has exacerbated the situation, with many consumers preferring to shop and download video games online rather than going to the store and buying a physical disc. In 2021, GameStop replaced its leadership team, including its board of directors, and appointed investor Ryan Cohen as its new president. As the Wall Street Journal notes, the new management’s efforts have so far not resulted in a significant improvement in the company’s financial performance. Although revenue increased in the third quarter of 2021, losses were higher than in the same period the previous year. Revenue came from hardware sales while software sales fell.

GameStop stock also caused a stir last year after small investors on internet platforms like Reddit pushed the stock price, causing billions of dollars in losses from hedge funds speculating on the company’s bankruptcy. Operating the NFT platform may be a way for GameStop to offset its financial losses. However, it remains to be seen if this effect will actually occur.

Video game developers also want to use NFT technology

According to information from the Wall Street Journal, analysts assume that cryptocurrencies such as Bitcoin, Mooncoin or Ethereum, as well as NFT and blockchain technologies, will play an important role in the video game industry in the future. With video game consumers already spending a lot of money on virtual goods, they are the ideal target group for these technologies. NFT technology can also enable consumers to purchase virtual real estate from video games, such as Dencentraland, as well as other video game collectibles that are gaining in popularity. Not only are retail chains like GameStop seeing gains in NFT technology, but many video game developers have also started selling NFTs in recent weeks or are making similar plans to the public in the future. These include companies such as Ubisoft Entertainment, Zynga, and Square Enix. However, some industry representatives and some players have expressed concerns. They are skeptical about the value of NFT to game developers, which is why they lack incentive to implement the technology.

M. Phaser / Editor

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