GameStop Is Building an Ethereum-Based NFT Platform, Launches Website

Video game retailer, GameStop (NYSE: GME) has been treading water into the non-fungible token (NFT) industry, as it is creating a team to launch an NFT platform based on Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term. The company launched an NFT-themed website under the domain nft.gamestop.com featuring a phrase: “Power to the players. Power to the creators. Power to the collectors.”

The website does not provide additional subpages that explain in-depth the NFT project by GameStop. However, the retailer highlights a brief statement asking engineers, designers, gamers, marketers and community leaders to join their project. Also, it features an ETH cryptocurrency wallet, but the US-listed firm did not specify its purpose.

Overall, GameStop, whose fame skyrocketed early this year as Reddit traders massively short the stock, had been providing some hints on its interest in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term industry, specifically in the NFTs. In April, the video game retailer was looking for a security analyst with experience in the matter. As of press time, the company has not issued an official statement about its NFT project or further details on the subject, but considering that it will be based on Ethereum, collectibles could adopt the ERC-721 standard.

NFT Overall Sales Have Decreased

Although NFT’s popularity has been rising over the last few months, its pace has slowed down together with the overall crypto bull-run. According to data from NonFungible tokens, the number of daily sales between April 27 and May 26 fell from 34,000 to 20,236 tokens. Furthermore, daily sales’ value dropped to $15.1 million on May 26 from a high hit on May 9 at $176 million.

On the other hand, GameStop’s saga with the short-squeeze witnessed in January keeps making the headlines. In February, Vlad Tenev, Robinhood’s CEO, denied speculation that he was pressured by hedge funds to halt trading in the video game retailer and other stocks.

Today’s GameStop performance in the stock markets has been positive, trading at $242.32 and currently up 15,70 percent, after opening the day at the price of $228.47.