GameStop (GME), the notorious video game company gets a new lease in 2021, all thanks to Reddit and retail buyers who revealed its NFT plans. According to a report published on Bloomberg, GameStop is planning to go from being famous for its brick-and-mortar store to a fully digital platform. The company is said to be in talks with several blockchain and crypto companies to understand the demand in the market.
GameStop plans to set up multiple funds, each up to $100 million that will be invested in Artists, content creators, and game studios. The fact that games for money (P2E) are currently the biggest craze in the NFT ecosystem, GME has the potential to dominate the P2E market with its vast gaming experience.
Although NFTs first came into existence in 2012, they gained much-needed traction during 2019-20 when sports leagues started using them as fan tokens. However, in 2021, the market has become prominent as it has become as popular as the Defi market, and despite an increasing number of scams alluding to a top potential market, the NFT ecosystem continues to continue. continue to expand with mainstream players.
GameStop can build its own gaming metaverse
The NFT craze added with the Metaverse theme offers a huge market opportunity for new entrants and Gamestop has the ability to proactively build its own gaming metaverse. Facebook, the largest social media platform with over $2 billion in customers, recently rebranded itself as Meta to clarify its Metaverse plans. Likewise, GME with hundreds of millions of dollars in potential could develop their own gaming metaverse at will.
The popularity and potential of NFT can be understood from the success of OpenSea, an NFT marketplace built on top of the Ethereum network. OpenSea recently closed a $300 million funding round at a valuation of over $13 billion. The NFT market became a multi-billion dollar company within a year.