In January last year, Gamestop became a household name across the globe.
Background: Gamestop is a video game and consumer electronics retailer that started back in 1984. Btw, Gamestop also own EB Games here in Aus. But in January last year, this crew became a household name across the globe.
What happened: TLDR: a whole bunch of Reddit users staged a massive short sell of the company, which sent Gamestop's share price literally soaring...then crashing back down.
What else: Now, Gamestop is joining forces with an Aussie crypto platform called Immutable, which specialises in NFTs. The plan is to build a NFT marketplace where gamers can trade digital video game assets, and launch a US$100 million fund to back NFT projects.
💡While NFTs are highly speculative assets now, as time goes on, we're starting to see many use cases for them. In particular, NFTs are looking like they may become a key element in video games.
💡Already, we're seeing video game producers focus on monetising in-game development (i.e. new skins, new weapons)...but NFTs could take this to a whole new level, and give players unique ownership of in-game assets.
💡High-flying players and NFT marketplaces could start to attract more players to games...which helps Gamestop, too. And Gamestop knows it can rely on its huge Reddit fanbase to be its guinea pigs.
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