GameStop has published eight new job listings related to its upcoming plans for an NFT platform.
Though GameStop announced its NFT plans earlier this spring, these job postings give more detail than before.
The various job listings ask for experience with Web3 integration, Layer 2 scalability, and NFT marketplaces.
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Retail gaming outlet Gamestop has published eight new job listings relating to NFT development, as seen on its careers page.
GameStop Posts Eight Listings
GameStop posted similar job listings and even launched a website related to NFTs earlier this year. However, this week’s postings reveal considerably more details than before.
The company aims to hire eight members for three different positions. All positions are remote but are based in four cities.
The job posting seeking a Senior Software Engineer asks applicants to have “NFT marketplace experience,” which suggests that GameStop plans to create a full-fledged NFT marketplace. By contrast, many companies such as Twitter and TIME Magazine have simply launched NFTs on a third-party marketplace such as Rarible or Sorare.
The same posting asks applicants for “knowledge of crypto, Ethereum, and Ethereum Layer 2 products.” That implies the company could leverage Immutable X or another Layer 2 protocol for faster trading times and lower transaction fees.
Why NFTs Have Potential In Gaming
NFTs, or non-fungible tokens, are seen as having potential because many online games already make use of transactions. For example, in-game collectible items could be tokenized as NFTs. This approach would protect against counterfeit items while also giving players true ownership over the items that they have purchased.
One GameStop posting mentions “Web3 Gaming,” a term used to describe such crypto economies. “Future creators won’t just build games but also the components, characters, and equipment…Blockchains will power the commerce underneath,” GameStop notes.
Despite this potential, some gaming companies such as Steam have introduced a ban on NFTs. That decision prompted competitor Epic Games to state that it is open to supporting games with NFTs. Other gaming brands like Ubisoft and Atari—and now Gamestop—are exploring the potential of NFTs as well.
GameStop gained popularity among crypto investors earlier this year as it gained status as a “meme stock”—an asset that increases in price due to hype rather than company performance.
Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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GameStop (GME) is assembling a team of blockchain and NFT experts to work on the firm’s upcoming NFT platform.
The firm’s GME stock is a cult favorite amongst retail traders as a result of the r/wallstreetbets and Robinhood saga earlier this year. On Reddit the r/Superstonk community boasts 659,000 members, and is dedicated to hosting business and stock discussions related to GME.
A post about GameStop’s job listings yesterday has received more than 10,000 upvotes at the time of writing, with many members posting bullish sentiments over GameStop’s latest move.
GameStop quietly unveiled a bare-bones website for its NFT marketplace in May. The site currently features a Nintendo Gameboy-style gaming console with an Ethereum logo, along with a message calling out for recruits to work on the platform.
Since then the firm has held its cards close to its chest, however on Oct. 25 it listed a total of eight jobs for crypto-friendly candidates, including three roles for NFT experienced software engineers, three jobs for product marketers and with two roles focused on Web3 based gaming.
One of the listings for the Head of Web3 Gaming job says that GameStop is looking for someone with experience with “Ethereum, NFTs and blockchain-based gaming platforms.” The firm has also hinted that there are some plans related to the Metaverse in the works.
“GameStop is looking for a unique individual who can help accelerate the future of gaming and commerce. In this future, games are the places to go, and play is driven by the things you bring. Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” the job listing reads.
Related:Reddit may be preparing to launch its own NFT platform
Members of the r/Superstonk community were singing the firm’s praises yesterday, with “Triaspia2” calling it one of the “best job listings” they had seen, while pledging to buy more GME as it was a “bullish signal.”
Redditor “Donnybiceps” was equally bullish, noting that:
“NFTs are the future and people who haven’t gotten on board the GME train while knowing all these clues then you should be blaming yourself for not thinking this through.”
GME has had a volatile performance in October, going as low as $166 before bouncing to around $187 and subsequently crashing down again. However, according to data from Tradingview, the price of GME has still gained 2.8% this month to sit at $178 at the time of writing. The year-to-date gain for GME is a whopping 844%.
The U.S. Securities and Exchange Commission has filed a complaint against two Robinhood users over an alleged wash-trading-based arbitrage scheme that utilized meme stocks.
According to a Sept. 27 complaint, defendants Suyun Gu and Yong Lee took advantage of differing trading fee schedules offered by different retail brokers and exchanges to extract arbitrage while wash-trading.
By trading between venues that offer rebates to market makers and those that do not charge fees to market takers, the SEC estimates they generated more than $1.5 million worth of rebates in total through the alleged wash trading scheme.
Gu and Lee are believed to have been able to keep nearly half of the rebates as profits, with the commission estimating they profited $668,671 and $51,334 respectively while wash-trading during February through April of this year. The pair are believed to have executed 11,400 and 2,300 trades through the scheme respectively.
The pair are accused of targetting put options contacts for popular meme stocks including GameStop (GME) and AMC Entertainment (AMC). According to the complaint:
“Gu and Lee Believe that other marker participants’ interest in buying ‘meme stocks’ and related price increase would make put options on those stocks less attractive, making it easier for Gu and Lee to trade with themselves.”
While the trading venues used by the pair are not explicitly named in the court documents, it appears the pair were using the popular fee-free investment app Robinhood. The documents state that Gu concocted the scheme after watching the CEO from “Broker-dealer B” outline in a February court testimony that his firm does not charge taker fees to its customers — the same month that Robinhood CEO Vlad Tenev testified before congress regarding market volatility related to GME and other meme stocks.
Related:SEC is ‘open to discussion’ when it comes to crypto: Kraken chief lawyer
So-called “meme stocks” like AMC and Gametop became widely popular as a result of the Robinhood and Reddit-based pump and dump group r/wallstreetbets saga earlier this year.
Robinhood was the subject of controversy in January after the platform halted trading on GME amid the notorious short squeeze against hedge funds that was led by the fiery-eyed Reddit community r/wallstreetbets.
The group responded by immediately converging on crypto, with Dogecoin pumping by 980% on January 28 — the same day that Robinhood acted to dampen the frenzied meme stock speculation.
Robinhood has since estimated that Dogecoin accounted for 62% of its crypto revenues during Q2.
When Reddit users coordinated themselves to use their Robinhood accounts to buy GameStop shares en masse, the short squeeze they created sent shockwaves through Wall Street.
The 1,600% rally that was created turned retail investors and individuals who were new to trading wealthy overnight.
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The squeeze also caused a liquidity issue on Robinhood’s platform that saw the investment app restrict the actions of its users – killing GME’s early 2021 surge in its tracks and causing countless latecomers to the squeeze to lose out.
However, in the wake of the fiasco, the wider world of investing saw the benefits of what was a watershed moment in the growth of retail.
Source: The Verge
As we can see, GME’s 1,600% surge sent the company’s share price sprawling towards $400 in the final week of January 2021.
However, Robinhood sparked outrage among its community of retail investors when the company announced on January 28, 2021, that “in light of recent volatility” it’s “restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK.”
Criticism of Robinhood’s movements crossed the political divide. Alexandria Ocasio-Cortez, democrat and member of the US House of Representatives, said on Twitter at the time,
“This is unacceptable. We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit.”
Republican senator Ted Cruz responded “fully agree” to Ocasio-Cortez’s tweet.
While the timing of the restrictions led to complaints from retail investors over unfair treatment, Maxim Manturov, head of investment research at Freedom Finance Europe, notes that the problems Robinhood faced were purely operational.
“One of Robinhood’s major issues is the lack of liquidity against the large demand on GameStop (GME) stock. It was because of those limits that many investors were dissatisfied and filed complaints and claims against Robinhood. The company, however, denies any involvement in assisting third parties, as nobody outside the company influenced the decision on the limits.”
Although Robinhood’s restrictions led to a sharp fall in the price of GME in the wake of the short squeeze, we can see that further price rallies have punctuated 2021 for the stock – along with similar boosts for AMC and cryptocurrencies like Dogecoin.
This indicates that, despite the fiasco of trading restrictions, we’re still seeing plenty of evidence that the retail market is bullish over investing – and many individuals are taking their enthusiasm for GME further afield across the ecosystem.
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The rise of the retail investor
In 2020 alone, over 10 million new trading accounts were estimated to have been created, according to JMP Securities.
This rise in accounts comes as platforms like Robinhood and zero-commission platforms have made options bets more accessible.
Source: Financial Times
As we can see from the data above, the average daily volume of US equity options traded topped 40 million in early 2021 – levels that are more than double that of any month prior to 2020.
The implementation of zero-commission investing apps and the volume of government stimulus packages delivered during the Covid-19 pandemic appears to have created an ideal cocktail of conditions to draw new investors to the market.
The GameStop short squeeze, despite Robinhood’s high-profile limitations and restrictions, has acted as a catalyst for more users to discover and embrace these newly favorable market conditions.
According to a recent survey by Wells Fargo, around 45% of teenagers said “the GameStop social media situation” had boosted their interest in investing, with 53% of boys and 40% of girls claiming increased interest – indicating that the event has inspired a whole new generation of investors to take their first steps into the stock market.
Driving investors towards cryptocurrencies
The same survey also explored the growing interest in cryptocurrency among younger investors, with 50% of parents admitting their teen knows more about Bitcoin than they do.
Likewise, around 58% of teen boys believe they know more about Bitcoin than their parents, while 33% of teen girls believe they are more knowledgeable.
Source: Coindesk
Here, we can see that retail cryptocurrency trading also climbed around the beginning of the year, with wallet addresses possessing between 0.01 to 1 BTC. However, the biggest impact that the GameStop saga had on the wider world of investment could be found in Dogecoin, a meme-based cryptocurrency that won appeal among investors in early 2021.
Source: Statista
In the wake of the GameStop short squeeze, we saw DOGE rise significantly, but as the year progressed, and investors became more cautious of Robinhood’s restrictions – believing that there may be an unfair playing field in traditional investing – the cryptocurrency pumped significantly in Q2 of 2021 before falling victim to the widespread crypto market pullbacks that spanned into the summer months.
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Although the perfect conditions for a widespread retail influx were already in place before the Robinhood fiasco with GameStop shares, the global news event acted as a catalyst for more individuals to incorporate more investment opportunities into their portfolios.
Whether we look to traditional investment markets or cryptocurrency, it seems as though the wider world of investing has benefited from the chaos of early January, with fresh blood on the market and greater retail awareness of crypto.
As these new arrivals learn the ropes and become more mature with their investments, we may soon see a healthier market for it.
Dmytro Spilka is a tech and finance writer based in London. His work has been published in Nasdaq, Kiplinger, Financial Express and The Diplomat.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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One of the hedge funds badly burned in the infamous GME social media driven short squeeze is closing down, while GameStop itself has just completed its $1.13 billion equity offering.
According the Financial Times, London-based White Square Capital operated by Florian Kronawitter has closed its main fund and will return capital to investors.
White Square Capital reportedly had $440 million in assets under management (AUM) at its peak. The hedge fund was one of many that suffered double digit percentage losses from short positions in January, when the Wall Street Bets subreddit helped pump GME’s price from $21 on Jan. 12 to around $345 on Jan. 27.
However the FT reported a source as saying the fund’s closure was unrelated to its GameStop misadventure. In a letter to investors, co-founder Kronawitter cited the traditional equity long-short model was being “challenged” in the current financial climate, as there are “way too many fish in the pond” that operate with the same long-short strategy.
“The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital,” Kronawitter said.
The co-founder also highlighted that the hedge fund’s opportunities for arbitrage have “diminished” due to the “onslaught of capital caused by central bank monetary interventions.”
These factors are also accompanied by the relative ease of access to information and cheaper investment alternatives, with Kronawitter asserting that it brings it to question how the management fees from hedge funds can be justified in the current market.
In a Reddit thread discussing the news on the r/wallstreetbets subreddit, members of the group shared their delight, with user “turtleduck77” likening hedge funds that shorted GME to dominoes falling, noting that its “Time to invest in dominoes! The game not the pizza.”
Related:New decentralized crypto exchange is inspired by r/Wallstreetbets
GameStop completes ATM offering
Yesterday GameStop announced the completion of an at-the-market (ATM) equity offering, with the company selling five million shares of common stock generating almost $1.3 billion before commissions and offering expenses.
“GameStop will use net proceeds from the ATM Offering for general corporate purposes as well as for investing in growth initiatives and maintaining a strong balance sheet,” the announcement read.
One of the growth initiatives likely to be funded is GameStop’s NFT marketplace set to be launched on Ethereum.
While details are sparse at this stage, the firm’s blockchain division is reportedly headed by the former business operations leader of Ethereum and Loopring DEX, Matt Finestone.
The smart contract platform is based on the ERC-721 NFT standard and was created by foobar, a developer who has worked on wrapper solutions for the classic version of Crypto Punks, HD Mooncats, and MooncatHelper NFT projects in the past.
While top crypto assets and memecoins have been in a major down trend since May 12, GME’s meme stock has increased 36.6% within that time frame, increasing from $161 on May 12, to $220 as of today, according to TradingView.
In comparison, data from CoinGecko shows that crypto’s nearest equivalent in meme coin Dogecoin has cooled down, has dropped 64% — declining from a price range of $0.50 on May 12, to $0.18 today.
Video-game retailer GameStop is creating a team to develop a non-fungible token (NFT) platform built on the Ethereum blockchain.
The publicly traded company has created a new subdomain on its website, vowing to put together a team to build the platform.
“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: nfteam@gamestop.com”
NFTs are unique digital assets blockchain-based digital assets that can be certified to be to be unique. They can be used to represent digital artworks, parcels of virtual lands, and collectibles.
GameStop’s new website has a retro aesthetic, featuring an Ethererum-styled cartridge being inserted into a mobile gaming device. The display highlights GameStop’s target audience for the NFT launch.
“Power to the players. Power to the creators. Power to the collectors.”
The smart contract code highlighted on the page links to an Ethereum contract address indicating that the company has already developed its own ERC-721 standard token, dubbed GME, to create NFTs.
GameStop (GME) spearheaded the stock market mania driven by the WallStreetBets Reddit forum at the beginning of 2021, when it saw a nearly 2,800% rise in January, up from a low of $17 to a high of $487.
In the month of May, GME has seen a 23% increase and is currently trading at $240.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
It appears that “r/wallstreetbets” favorite meme stock company GameStop is in the process of developing its own NFT marketplace.
Oh wow, @GameStop is launching an NFT platform https://t.co/3lkqgJTiwS pic.twitter.com/3BT1Szo9qJ
— Brad Michelson (@BradMichelson) May 25, 2021
While an official announcement hasn’t been made, the gaming giant appears to have launched a website named “nft.gamestop” — and is currently on the lookout for recruits:
“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: nfteam@gamestop.com.”
Information on the bare bones website is sparse. Apart from the job listing, there is a Nintendo Game-Boy-like gaming console with a GameStop cartridge placed at the top. The console’s screen has green text which reads “power to the players, power to the creators, power to the collectors.” The website budget looks like it was under $20.
Interestingly, there is a link under the console to an Ethereum address. Upon searching the address on Etherscan, it looks like the firm will be utilizing Ethereum’s ERC721 standard, with an overview showing a “GME token” although there are zero in circulation so far.
In the comment section on Etherscan, some “r/wsb” members have already flocked to show support, with several people commenting with “I like the stonk,” — a popular meme within the community.
LaMelo having a tokenized ball
Charlotte Hornets star LaMelo Ball is set to drop a collection of 500 Dynamic NFTs — non-static and updatable NFTs — before the NBA Rookie of the Year announcement in June. The collection will be dropped on lameloball.io.
“As I learn more about blockchain, I realize this is the most powerful and unique way to engage my fans in a way that’s special to them individually,” Ball told ESPN on May 28.
Ball is one of three rookie of the year candidates and is dropping 500 “Dynamic NFTs” that will automatically update to include the award (if he wins it).
Unlike static NFTs which can’t change, Dynamic NFTs can be updated with new data as they rely on “perpetual smart contracts that use oracles to communicate with and react to external data and systems” according to Chainlink Labs.
Dynamic NFT Framework, Chainlink Labs
Utilizing Dynamic NFTs, Ball plans to update or “level up” the NFTs according to events from his NBA career. The 20-year-old also plans to offer lotteries that will allow collectors of the NFTs to “burn” them in exchange for that chance to win game worn-memorabilia.
“LaMelo will become the first athlete to mint his career on the blockchain,” Sher Chaudhary told ESPN, The co-founder of Playground, the Southern California-based NFT design studio working with Ball.
According to ESPN, along with the 500 Dynamic NFTs, the rookie of the year candidate has plans to release a further 9,500 standard NFT’s on the Ethereum Blockchain.
NFTs are Gucci
Christie’s art auction house has announced the launch of a new NFT auction dubbed “Proof of Sovereignty” — which includes a tokenized fashion film from Gucci.
The auction is already underway and due to close on June 3 and is being curated by the co-founder of art and crypto media advisory firm Universe Contemporary, “Lady PheOnix.”
The auction will consist of artworks from 19 different artists and includes fashion giant Gucci’s first-ever NFT — a tokenized fashion film co-directed by Alessandro Michele and by renowned photographer and director Floria Sigismondi.
The film explores the themes of “universal desire for renewal; a yearning to bloom and flourish after the shadow of winter has passed,” and has a starting bid of $20,000.
All of the proceeds from Gucci’s NFT sale will be donated to UNICEF USA, which supports UNICEF’s role in COVAX — “an initiative aimed at ensuring global equitable access to COVID-19 vaccines.”
Animoca Brands and Hedera
NFT game developer Animoca Brands has entered into a partnership with a public distributed ledger or DLT, network Hedera Hashgraph to develop two DLT-based gaming projects.
Hedera Hashgraph revealed the first project is an NFT based soccer game, that will feature tradable tokenized player NFTs which are backed by Hedera’s native token HBAR.
The NFTs will be redeemable for HBAR after an unrevealed “cooldown period,” with the firm claiming that this will represent the “first time that an NFT will be redeemable for a fixed and guaranteed amount of an underlying crypto asset.”
The second project dubbed “Helix Warp” will be an independent DLT-based online gaming platform focused on taking down cheaters.
Coming soon – Helix Warp
“Helix Warp will counteract cheating by creating a server-side simulation environment and leveraging the Hedera Consensus Service to record results. Game developers will be able to plug into Helix Warp and deploy hack-resistant leaderboards in their games.”
“Helix Warp will target HTML5 games, to begin with and utilize the Helix Warp token to underpin the ecosystem,” the blog post added.
GameStop has shared a website and Ethereum contract for a new NFT platform.
The smart contract also hints at a GME token launch.
Meme stocks like GameStop, AMC Entertainment are regaining bullish strength backed by retail investment.
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GameStop is launching an NFT platform on Ethereum. The company is encouraging game developers and other industry experts to contribute.
GameStop Joins NFT Craze
GameStop is getting into NFTs.
The video game retailer has created a website and shared a smart contract for a new platform that will run on Ethereum.
The source code is titled “Game on Anon” and features a link to the website, where developers, designers, and other market leaders have been invited to contribute towards development.
On top of that, there is also a possibility of the launch of a GameStop token on Ethereum. The tracker “GME” has been set on the contract. However, it contains no further information, and the supply is currently zero.Some Ethereum users have tried to interact with the smart contract since the launch. However, the blockchain explorer indicates that none of the transactions went through.
The plans for the NFT platform were set in motion last month after the firm opened a vacancy for a security analyst with experience in “blockchain, cryptocurrency, and NFTs.”
NFTs have a strong use casein the video game industry as they can be used to tokenize in-game assets. Thus, there’s potentially a strong market opportunity for GameStop.
The First Meme Stock
The online retail company thrived in the lowest rungs of the market and was heavily shorted by hedge funds throughout 2020. However, things turned around for GME after a period of retail investment mania fueled by social media platforms like Reddit, Twitter, and TikTok. GME is the first of many shares that have been dubbed “meme stocks.”
While the name “meme stock” points to humor, these companies are no joke in the stock market. They surprised traders earlier this year with astronomical gains backed by retail euphoria and a short squeeze of large hedge funds.
GME surged 30 times from year opening to peak at $483 on Jan. 28. After a 91% correction to lows following the pump, its price has been picking up lately. Share prices of meme stocks like AMC Entertainment Holdings Inc, Koss Corp., and Naked Brand Group Ltd. all recorded double-digit gains at yesterday’s closing.
GME rose by 16.1%, the last trading at $209.4.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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The moderators of subreddit r/wallstreetbets have announced they will allow crypto discussion in the subreddit from today.
The retail trading group, famous for pumping traditional stocks such as Gamestop (GME) and scaring hedge fund managers out of their shorts — which is soon to be a major movie — will limit discussion to three cryptocurrencies, BTC, ETH, and DOGE, in a single daily thread. A post this morning stated:
“We’ve decided to allow for discussion about only BTC, ETH, and DOGE only. Inside of a daily Crypto discussion thread as to not burden everyone with crypto spam. All rules will still apply outside of the thread but for now please keep it in the daily thread only as we gauge if this is something that is right for our sub.”
Subreddit moderator “bawse1” noted that for years they’d “tried to delay discussion about crypto on the sub for many reasons,” with the main concern being that r/wallstreetbets didn’t want crypto discussion to detract from the group’s core focus on the stock market. However, despite some members “hating crypto”, the moderator noted that the subreddit aims make all members welcome amid the growing appetite for crypto in the past year:
“I’ve known at some point that r/wallstreetbets will have to find a place for it. As much as some of us hate it, there are just as many that love it and the way I’ve always tried to shape the sub is to never gatekeep, allow everyone to feel welcome, and always be able to adapt. I don’t see the point in delaying the inevitable anymore as crypto is here to stay.”
The move may partly be a response to the crypto version of WSB “r/SatoshiStreetBets”, which has acquired 384,000 members since it started in February last year. Then again, that pales into insignificance against the 9.8 million degens that r/wallstreetbets has attracted since 2012, many joining in the light of the Gamestop saga earlier this year.
Around the time WSB collectively pumped GME, data from Tradingview shows the price went from roughly $60 on Jan. 22, to around $340 on Jan. 28, which resulted in trading platform Robinhood halting trades on the stock to allegedly protect the positions of the hedge funds who were shorting the market.
The saga of how the little guys took on the hedge funds and won is set to hit screens, after Metro-Goldwyn-Mayer studios secured the rights to a book proposal depicting the “short squeeze” by author Ben Mezrich, who also wrote “The Social Network” a book and film about Mark Zuckerberg and the rise of Facebook.
Mezrich is also behind “Bitcoin Billionaires” about Cameron and Tyler Winklevoss which is also being turned into a movie after Stampede Ventures partnered with the twins in June 2020 to produce it.
Around the time of the pump there was talk the group may throw its weight behind Dogecoin, and if it did, the highly coveted $1 price point may be a possibility.
Dogecoin rallied around 80% to hit its all-time peak of $0.14 in the past 24 hours and now sits as the 11th largest crypto by market cap according to data from Coingecko. Despite its “meme coin” status and history of volatility the coin is up 6196% in the past 12 months.
NASDAQ-listed retail business GameStop is looking for a security analyst with experience in cryptocurrency, blockchain, and NFT.
GameStop Joins Crypto Bandwagon
The additional skills and experience section of GameStop’s recent job posting for a security analyst states that ideal candidates will have experience with “blockchain, cryptocurrency, and non-fungible tokens.”
The vacancy has opened at GameStop’s headquarters in Grapevine, Texas.
The U.S.-based franchise for retail gaming and trade-in made the front page of financial news worldwide after a social media-powered buying led to a historic short-squeeze, pumping GME stock by 23x in less than a week.
Crypto markets have felt the ripple effect of the GameStop squeeze ever since, with the Wall Street Bets community behind the squeeze going on to pump Dogecoin prices.
GameStop’s brand has likely benefited from being associated with a grassroots movement to combat major institutions with collective retail trading power, and the recent job posting may be related to that.
Blockchain Adoption Continues
The job requirements suggest that GameStop may be about to join the NFT trend by launching gaming collectibles on its platform, or that the company is planning sales via native or public cryptocurrencies. NFTs have a major use case in the video game industry in tokenizing in-game assets.
While GME was struggling before the Reddit-led movement pumped its price, the stock continues to enjoy higher valuations—10x of its support of $14 since 2018.
Integrating advanced security models through blockchain or cryptocurrency could further benefit GameStop’s bottom line. NFT sales or partnerships with NFT-based games could also enhance short-term cash flow at the firm.
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