If Kim Kardashian’s naked buttocks “broke the internet”, then GameStop has been a pair of glorious financial buttocks. $GME stock was circling the drain and being gradually crushed by big hitters shorting the stock, waiting for its imminent demise. Then, billionaire Ryan Cohen started moving in, GameStop’s luck began changing, and many in a short position doubled down.
This is where the story gets both spicy and confusing, as one of the most amusing and maniacal subReddits, /r/WallStreetBets, spotted a vulnerability. If you want a better overview of what happened, watch this video:
The situation isn’t resolved, but GameStop, under Cohen’s leadership, has stabilized and made a number of promising moves for the future. Many people still tip the saga for an interesting conclusion with the shorts not being covered and a squeeze still possible, but whether that materializes or not, GameStop has reestablished its place as a leading figure in the gaming sector.
GameStop Turns to Blockchain
The adoption of blockchain by any major player in gaming is cause for reserved celebration and this is one of those times; not thumping a champagne bottle on HMS P2E, but raising your half-life beer with a knowing nod seems appropriate.
Rumors emerged in May of this year that GameStop was looking for people experienced in blockchain. They launched GameStop NFT, though it’s unclear exactly what this “product” is. All we know is that they are building something that involves digital assets.
However, yesterday, GameStop posted eight jobs pertaining to NFTs and Web3. This has got the cult of $GME (I say that lovingly, I’ve been holding that stock for a while) in quite the frenzy. The job listing is searching for candidates that will:
“help accelerate the future of gaming and commerce. In this future, games are the places to go, and play is driven by the things you bring. Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath. An ideal candidate will have experience across several domains in gaming, content creation, partnerships, game design/development/mechanics, and a general understanding and experience with Ethereum, NFTs, and blockchain-based gaming platforms.”
GameStop job advert.
While I think it is unlikely the platform will be of this magnitude, GameStop could continue its White Knighthood by stepping into the void Steam is leaving by banning blockchain games from their platform.
Key Takeaways
- GameStop is building an NFT platform
- GameStop is hiring for at least eight blockchain-related roles
- Ryan Cohen appears to be taking GameStop from an outdated brick-and-mortar retailer, to a pace-setter in the gaming industry
Lead image by Dimitris Chapsoulas via Unsplash
