GameStop stock market is up approximately 129.78 percent in the past year but has declined approximately 22 percent and 44 percent YTD and the past three months respectively
GameStop Corp (NYSE: GME) stock closed on February 8, trading at $115.60, up 12.96 percent from the day’s opening price. The gains extended during the after-hours and also during today’s pre-market, whereby GME stock traded 0.32 percent higher than yesterday’s close. After being taunted, king of meme stocks, GameStop is now eyeing the blockchain technology, crypto market, and also the NFT vast industry.
According to a post by Brian Quarmby on Cointelegraph, executives from Immutable X and Microsoft Corporation (NASDAQ: MSFT) hinted that the latter could be teaming up with GameStop for NFT games.
Microsoft stock closed yesterday trading at $304.56, up 1.20% from the day’s opening price.
Following yesterday’s pump, the GameStop stock market is up approximately 129.78 percent in the past year but has declined approximately 22 percent and 44 percent YTD and the past three months respectively through Tuesday.
GameStop is determined to revolutionize its business through technology adoption including digital sales. Additionally, the company is looking into the non-fungible tokens (NFTs) industry through notable partnerships.
Cointelegraph investigated the rumors and has connected the dots from various respective executives. According to the news publication, a possible partnership between GameStop and Microsoft on NFT grounds is firm.
“With the ability to freely mint and trade NFTs on Immutable X’s platform, it’s a no brainer. GameStop could launch Hearthstone on their brand new Web3 platform by simply making an NFT for every card and then distributing them accordingly to users’ existing card collections. It’s about as easy as it would get,” r/Superstonk Reddit community outlined.
GameStop Stock amid the NFT Plans
GameStop stock market has been one of the beneficiaries of the Covid crisis despite the shaky periods. The company saw a huge spike in demand for its gaming products, during the past year. Moreover, the company morphed in line with the Covid lifestyle including ramping up digital product sales to cater to declining physical products caused by last year’s physical store closure.
GameStop attracted huge attention at the end of 2020 and early last year when organized retailers under WallStreetBets short-squeezed its stock market to regulator’s unacceptable volatility. The company, however, significantly amassed huge capital through its increased market valuation.
Consequently, the gaming giant company has since been seeking ways to diversify its revenue source post-Covid.
With blockchain technology having given birth to the crypto industry and the NFT market, the company has made notable partnerships with blockchain-related companies.
“The combination of skilled hires plus a partnership with a layer-2 scaling solution, designed specifically for token-driven video games, is a start to giving the investment community more clarity into what GameStop hopes to become,” said Jefferies analyst Stephanie Wissink.