Finance

GameStop set to launch Ethereum-powered platform for NFTs

Video game retailer GameStop is turning its focus to the next craze on Wall Street: non-fungible tokens.

GameStop, a shop that has been around for decades, is now best known for its place at the centre of a trading frenzy powered by traders on Reddit and other social media earlier this year.

The company has undertaken a major transformation strategy since then, with incoming chairman Ryan Cohen keen to revitalise GameStop’s image in line with its new tech-focused following.

NFTs, meanwhile, have been on their own popularity surge as everyone from traditional auction houses to billionaires began selling the unique digital collectibles.

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GameStop launched a new website on 25 May under the domain name nft.gamestop.com, with a page featuring an animation with the words: “Power to the players. Power to the creators. Power to the collectors.”

“We are building a team. We welcome exceptional engineers… designers, gamers, marketers and community leaders,” a statement on the website read, inviting applications to a division called NFTeam at GameStop.

The page also featured an address to an Ethereum cryptocurrrency wallet, though it did not provide further details.

Analysis of the code shows the contract is for a token named GME, with an approximate value of $81.51 as of 9am BST on 26 May. Around 40 transactions have been registered against the address so far.

GameStop’s apparent entry into the NFT market follows a bumper week for the tokens, after the owner of viral YouTube video Charlie Bit My Finger sold an NFT of the clip for $760,999.

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However, demand has been waning. Data from market analyst NonFungible showed that between 27 April and 26 May, the number of daily sales had dropped from a peak of 34,000 tokens to 20,236.

The value of daily sales fell from a high of $176m recorded on 9 May to $15.1m on 26 May.

The new GameStop website was first reported by e-sports website ShackNews.

GameStop was contacted for comment.

To contact the author of this story with feedback or news, email Emily Nicolle

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