GameStop’s new NFT project to be powered by ethereum

Although the company didn’t make a big announcement, a new web portal for an NFT platform invited engineers, designers and marketers to join the team. The NFT web page also features a link to an ethereum address.

Image: Reuters

Image: Reuters

Video-game retailer GameStop, which made news when the price of its stock zoomed before crashing and taking some hedge funds down with it, is building a team for its new Non-Fungible Token (NFT) project.

Although the company didn’t make a big announcement, a new web portal for an NFT platform invited engineers, designers and marketers to join the team.

The GameStop page also has another message for whatever NFTs the company offers: “Power to the players. Power to the creators. Power to the collectors.”

The NFT web page of the company also features a link to an ethereum address that signifies GameStop’s plan to use ethereum as its technology base for the project, The Block reported.

Also read: Top cryptocurrency prices today: Bitcoin, Dogecoin, Ethereum

A  Non-Fungible Token (NFT) is a digital signature saved on blockchain ledgers that allows anyone to verify the ownership and authenticity of items, including artworks

Shares of GameStop soared 16.3 percent on May 25 after hitting their highest level since late March, and other so-called “meme” stocks also rallied as investors shifted back into the retail favourites that had notched big gains earlier in the year, Reuters reported.

The video game retailer’s shares finished at $209.43, marking their first close above $200 since March 19.

GameStop had an extremely volatile journey at the start of 2021 when its shares soared astronomically before crashing after Reddit’s WallStreetBets forum fuelled its meteoric rise.

Moneycontrol News

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