GameStop – an American video game, consumer electronics, and gaming merchandise retailer, has announced that they plan to build an NFT platform on Ethereum and introducing a new token called $GME.
What GameStock’s GME Token Could Potentially Do
GameStock’s NFT platform will use the GME token – built on Ethereum’s ERC721 standard protocol. An animated image on the GameStock webpage states: “Power to the players. Power to the creators. Power to the collectors.“.
The news of the GME token comes as the company moves from being essentially, just a brick-and-mortar store to cryptocurrency, digital collectables and e-commerce.
GameStop is Hiring
On their website they declare “We are building a team!” as they look to develop this new NFT platform and tokenomics.
“We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders. If you want to join our team, send your profile or something you’ve built to: [email protected].”
GameStop Stock Price
It’s not just in crypto that can go bananas. Earlier this year we saw the GameStop stock almost 100x, from $4 a share to $347 on January 27, 2021. After a coordinated pump from Reddit-ers the price fell as quickly as it rose, but is now slowly and steadily climbing upwards.
Robinhood Suspend $GME Trading
Robinhood is in hot water again after suspending the ability for retail investors to trade $GME, while still allowing hedge funds to continue trading; stating that their reasons for doing so was that the price volatility posed a risk for buyers and that they were “protecting customers”. Isn’t the name “Robinhood” supposed to stand for Taking from the rich and giving to the poor? Their actions prove that they were actually protecting the rich from getting poor. Their move to stop people from buying stock, while still allowing sellers to sell; was solely in the best interests of the company’s large investors- who held short positions.
The SEC has given a statement on the matter, saying the commission will continue working to “protect investors, to maintain fair, orderly, and efficient markets, and to facilitate capital formation.” The matter is under scrutiny from congress, with a tweet from Ocasio-Cortez saying:
