GameStop (GME) to invest $100 million+ towards NFT ecosystem
GameStop (GME), the notorious video gaming firm that bought a brand new lease of life in 2021, all due to Reddit and retail consumers has revealed its NFT plans. As per the report revealed in Bloomberg, GameStop is planning to go from being well-known for its brick-and-mortar retailer to a completely digital platform. The agency is reportedly in talks with a number of blockchains and crypto companies to grasp the demand out there.
GameStop plans to arrange a number of funds every of as much as $100 million that might be invested in Artists, content material creators, and recreation studios. The truth that play-to-earn (P2E) video games are at the moment the largest craze within the NFT ecosystem, GME can probably tackle the P2E market with its huge gaming expertise.
Whereas NFTs first got here into existence in 2012 itself, they bought the mandatory traction within the 2019-20 part when sports activities leagues began to make use of them as fan tokens. Nonetheless, 2021 turned the market on its head because it bought as well-liked because the Defi market and regardless of the rising variety of scams hinting at a possible market prime, the NFT ecosystem continues to increase with mainstream gamers.
GameStop can construct its personal gaming metaverse
The NFT craze added with the Metaverse theme provides an enormous market alternative for brand new entrants and Gamestop may probably take the initiative to construct its personal gaming metaverse. Fb, the biggest social media platform with over $2 billion prospects just lately rebranded itself to Meta to make its Metaverse plans clear. Equally, GME with probably a whole lot of thousands and thousands of {dollars} at their disposal can develop their very own gaming metaverse.
NFTs’ recognition can and potential may very well be understood from the success of OpenSea, an NFT market constructed on prime of the Ethereum community. OpenSea just lately closed a $300 million funding spherical giving it a valuation of over $13 billion. The NFT market turned a multi-billion greenback firm inside a 12 months.
