GameStop’s latest pivot takes it into the NFT business | Digital Trends

GameStop is adding another arm to its struggling business model. The company is engaged in NFTs.

GameStop seems to be the last place people think will want to sell NFTs. But as other game companies like Square Enix and Ubisoft jump into the controversial blockchain war, it makes perfect sense for the video game retail chain to join the trend.

The company posted a confusing tweets on the official GameStop NFT account on Thursday with just two letters: “gm!” Apparently this is an acronym for “good morning,” but this is the first (and only so far) tweet posted on the page since it was released in March. The simple tweet caused a stir. controversy among fans who don’t want to see it saturate the gaming industry with more blockchain technology. However, the tweet served a dual purpose: It both signaled GameStop’s stock market victory with a 3.45% gain earlier in the day, according to Seeking Alpha, and teased its NFT market.

GameStop’s NFT Marketplace is a platform for in-game digital assets integrated into an Ethereum-based cryptocurrency platform called Immutable X to sell NFTs at low prices. It’s expected to launch at the end of July, but Robbie Ferguson, co-founder of Immutable X, indicated last month that it could launch four to eight weeks earlier, which puts the date around from June 1 to June 3.

Robbie Ferguson tweeted that 4 major markets are integrating with @Immutable in the next 8-12 weeks.

If one of them is GameStop NFT, this will set the launch date between June 1st and June 30th, 4-8 weeks earlier than #GMELaunch deadline of July 31, 2022. https://t.co/8aDOjedMOa

& mdash; GMEdd.com (@GMEdd) April 7, 2022

This news comes just as GameStop discovered it was embroiled in a legal labor scandal. Polygon reported that a former GameStop employee has filed a class-action lawsuit against the company for allegedly violating New York labor laws. The lawsuit claims that GameStop pays him and other employees biweekly instead of weekly as required by New York Labor Code Section 191 because 25% of their jobs require physical and physical labor. matter.

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