Why is the GameStop NFT platform so important?

GameStop, the company that benefited from the popular WallStreetBets movement in early 2021, recently announced that it will grow the NFT industry. Details of this may be lacking, but it could be another way for OpenSea and the digital gaming industry to change.

In 2020, GameStop is on the verge of losing money and is expected to drop for some time over the next few years. Their business is mainly focused on selling real toys and games, but the increase in online shopping for video and video game consoles is an option for gamers to pick up games instead of buying them in stores and reading. some CDS.

In fact, their trading is on the verge of collapse, with investors and short-term investors selling GameStop stocks, meaning they have predicted prices will come down. Users of the WallStreetBets Reddit forum have noticed this difference and have seen many shortcomings on GameStop. Thousands of WSB users simultaneously buy GMEs to earn money, increase costs, and lead to "shortcuts". bring them down. This has taken GMEs from thousands of dollars to over $ 400 per week, and is worth over $ 20 billion. Learning from the mistakes of the past, they decided to turn to the digital space.

Part of this idea includes blockchain, NFT, and Web 3.0. After several months of activity, GameStop announced on January 7 its intention to develop the NFT industry, increasing its share price by almost 20%. They are also preparing $ 100 million to acquire the cryptocurrency company and partner with toy developers. Bittui previously announced that his work plan is to create an "online hub" for commercial heritage and NFTs.

He didn't recognize what the GameStop blockchain would be based on, but it was widely believed that he would use Loopring's Layer 2 solution to create a high-speed, low-cost business environment. The parties did not acknowledge or acknowledge the rumors, but sources said the cooperation was continuing. This may explain the failure of the LRC token in recent months, as our partnership with GameStop will lead to increased interest in all blockchain operations.

There is currently no second market for digital video games. When a person buys a game, they always log into the account and cannot trade or sell. GameStop can change that by converting digital games to NFT and allowing users to resell and trade them on exchanges. It could create a new business worth thousands of dollars in the second-largest digital game industry, helping game publishers and gamers to make more money. Advertisers can earn the cost of each game sold in the secondary market, earn money they can't get, and players can benefit from selling games they don't want to play.

If the GameStop industry moves in this direction, it will be the unprecedented and unique use of NFTs, which could drive adoption to a new level and make gaming giant GameStop Web 3.0 bigger.