The Future of GameStop with NFTs | Crypto Market Update 2.3
GameStop | Market Update | Major Crypto News
The Future of Gamestop: A Lighthearted Approach
GameStop announced a partnership with layer-2 blockchain Immutable X to launch an NFT marketplace later this year. The companies also created a $100 million fund in IMX tokens to support NFT content for Web3, metaverses, and gaming.
Let’s be honest, NFTs are a niche. The market is flooded with JPEG pictures of Bored Apes, gorillas, and penguins. I appreciate the cultural significance of the movement, but NFTs are just getting started. Like the internet started as a deviate’s dream, NFTs likewise have a long distinct journey ahead.
GameStop has one significant advantage in the NFT space that almost everyone is overlooking. Physical locations. Yep. Brick-and-mortar, the former victims of web 2.0 and digital advancement.
Brick-and-mortar stores that survived the expansion of Amazon and web commerce integrated web 2.0, and those that didn’t got JC Pennied.
GameStop barely survived that era with final grasps at providing web services. Then, much later, the bull market of 2020 occurred, and the Reddit meme-stock degens Wall Street Bets altered the company’s course forever.
As a result, GameStop now has money, young leadership with digital experience, WSB diamond hands on its side, and today took its first steps into “Web3”. The company learned some lessons from the past and refuses to fall victim to the next evolution of web services.
An NFT marketplace doesn’t sound that exciting but hear me out and open your imagination to the possibilities.
Gaming and the metaverse represent the actual future of NFTs. Digital assets can be owned, traded, sold, upgraded, and/or gifted. Most major gaming networks are exploring NFTs, and others are already committed. A few are waiting for gamers to accept the scary notion of NFTs.
I picture walking into GameStop in ten years and there hang 40 screens depicting various types of NFTs: famous artwork, some sleepy animal club JPEG, COD skins, Final Fantasy weapons, and plots of land for sale on Sandbox.
It can be a place I purchase Call of Duty 46 by scanning a QR code, spend an extra $5 to build a customized skin in-store, and have a customer service rep guide me through the process. Basically, a walk-in integration of crypto and gaming.
Some other ideas:
Music NFT listening and purchasing stations
Crypto exchange integration (buy NFTs with fiat in-store)
Live workshops to create and mint NFTs
NFT in-store releases
Interactive displays
Gamestop arrived early to the “web3” space it’s hard to fathom the company’s future. The company possesses many options to turn dusty game shelves into interactive playrooms that integrate our digital escapes with experiences of reality we enjoy. So fingers crossed they deliver more than another Opensea copy.
And please put consoles back in the stores so that kids have a hangout while parents shop at Macy’s.
Market Update
Bitcoin (BTC) fought off yesterday’s downward pressure to climb 1.10% today.
Cosmos (ATOM) climbed 12% since the start of the US trading session to break through a downtrend that began on Jan 16. Volume jumped significantly during the breakthrough. ATOM has been one of the hottest cryptos since the beginning of the year. Osmosis (OSMO) and Juno (JUNO) built atop Cosmos SDK climbed 9% and 19% today.
Quant (QNT) climbed 19% today and is up 47% in the previous week. Quant recently released version 2.1.7, which focuses on smart contract functionality and deployment for the future interoperability of finance.
Notable Gainers
SLP $0.011 +26% (Economic Adjustments for season 20 Axie Infinity)
HBAR $0.23 +8%
SCRT $5.14 +6%
TIME $314.25 +9%
AKT $1.55 +9%
MKR $2313 +7%
Bitcoin Fear and Greed Index: 20 Extreme Fear
“Bitcoin” Google Trends: 33
Bitcoin Options Max Pain (Mar 26): 45K
How to use The Fear and Greed Index for investing
Major News
GameStop Taps, Immutable X for NFT Marketplace, Launches $100m, Gaming Fund.
US Lawmakers Reintroduce Bill to Provide Tax Relief for Small Crypto Transactions. According to the bill, crypto transactions under $200 will not be subject to tax. The bill can be a large step toward crypto payment integration.
Coinbase users can receive US tax refunds in crypto as part of TurboTax deal
Thanks for reading fam!
Gabi
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