GameStop Jumps into NFTs Just as The Market Collapses

    What are NFTs?

    A non-fungible token (NFT) is financial security made up of digital data recorded in a distributed ledger called a blockchain. NFTs can be sold and exchanged since their ownership is recorded in the blockchain and can be transferred by the owner. Digital data such as images, films, and audio are frequently referenced in NFTs. Unlike fungible cryptocurrencies, NFTs are uniquely recognizable. The digital file that an NFT refers to determines its market worth.

    NFT proponents say that they provide a public certificate of authenticity or proof of ownership, but the legal rights that an NFT conveys can be ambiguous. The ownership of an NFT, as defined by the blockchain, has no intrinsic legal meaning and does not imply copyright, intellectual property rights, or other legal rights over the digital material it is connected with. An NFT does not block the production of NFTs that reference identical files, nor does it restrict the sharing or copying of its associated digital file.

    NFTs have been criticized for the high energy costs and carbon footprint associated with authenticating blockchain transactions and their frequent usage in art scams. The NFT market has been compared to a Ponzi scheme or an economic bubble. The NFT market surged substantially between 2020 and 2021, with trade-in NFTs reaching over $17 billion in 2021, up 21,000 percent from $82 million in 2020.

    GameStop is coming to the NFT world.

    The NFT market and other blockchain-related swindles like cryptocurrencies have had a miserable month, as their perceived “worth” vanished and any monetary value they once had plummeted. GameStop responds with a laugh.

    Of course, none of this means anything, but what else would you expect from a company run largely as a meme in 2022 (and still treating its employees like scum) and which is now getting into NFTs, long after it has become clear that nobody outside the laser-eyed techno cult cares a smidgeon about jpg of apes?

    Last year, hyper-capitalist stock students messed with GameStop’s share prices, appointed a “Reddit hero and former pet food tycoon” as chairman of the board of directors, and attempted to turn the company into an Amazon-lite.

    It worked for a time, but like other “meme stocks” tanks, GameStop, whose stock is down 40% year to date, isn’t looking so hot. While the stock jumped from $78 per share last month to over $185 in a single day in April, it wasn’t enough to stem the company’s gradual decline away from its 2021 highs.

    FILE PHOTO: A GameStop store is seen in the Jackson Heights neighborhood of New York City, New York, U.S. January 27, 2021. REUTERS/Nick Zieminski

    It’s difficult to forecast success, especially considering the date, but if anyone can find out a method to profit off pre-owned jpegs, it’s these guys.

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