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Gamestop launches NFT marketplace in latest bid to capitalise on meme finance

Gamestop launches NFT marketplace in latest bid to capitalise on meme finance

Video games retailer GameStop has continued its journey into the world of meme investing and cryptocurrency with the launch of its own NFT collection on an in-house, online NFT marketplace.

Last year, the company made headlines across the financial press when social media users on Reddit and crypto memes temporarily helped rocket the company’s stock to record highs.

The goldrush was dubbed a prime example of the new era of “meme finance,” where easy-access to financial markets on apps like Robinhood and social media culture mingle, causing investment trends to be based on a mix of traditional financials and the whacky whims of the online world.

More recently, GameStop has experienced a stock split, corporate layoffs, and the departure of the company’s CFO, but its NFT marketplace seems to be doing brisk business.

The company’s innaugural “GMERICA 1” NFT collection, made in collaboration with artist 1TZAH, has experienced about $500,000 in trading volume, according to company stats, as users buy and sell pixelated images of cities like Seattle, Boston and New York, with gamer-theme additions like Statue of Liberty holding a controller.

GameStop announced the collection this week.

“Our first ever NFT collection GMERICA is giving off some serious summer in the city vibes from coast to coast,” the retailer wrote on Twitter on Monday. “Power to the Players.”

The marketplace, launched in July, has had its highs and lows since entering an open beta.

The company says it did over $3m in business in its first week of operation.

Musical artist The Derevolutions said in July they made three years worth of streaming revenue in three days on the platform.

“We’d need about 5 million Spotify plays to make $15k. F*ck the antiquated middlemen,” the band posted in a thread on Reddit.

There have been some issues though.

An account selling NFTs linked to arcade games was accused of using games without proper licensing or sharing profits. Another had their NFT taken down because it was based on a photo of a 9/11 victim.