Video-game retailer GameStop is building a team for a non-fungible token (NFT) platform based on Ethereum.
- A sparsely populated page on GameStop's website said the company is welcoming "exceptional engineers ... designers, gamers, marketers, and community leaders" to join the team and includes a link to an Ethereum address.
- The address shows that as part of the plan for the platform, GME has already created an ERC-721 standard token, which is used to create NFTs.
- While details of the planned platform are so far in short supply, a graphic stating "Power to the players. Power to the creators. Power to the collectors," may suggest NFTs will be based on gaming.
- GameStop was at the center of a trading frenzy driven by Reddit forum WallStreetBets in January, which saw the company's stock soar as high as $483 on Jan. 27 compared to $18 at the end of 2020.
- The stock has experienced a smaller yet still significant rally in recent weeks, priced at $217.99 in pre-market trading Wednesday, an increase of nearly 23% since the start of May.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.