GameStop Enters the Metaverse with its NFT Collection
Video game retailer GameStop tweeted an announcement on August 29. According to the message, it will release its new GMERICA NFT collection tomorrow at noon.
Specifically, it would launch at 12:00 Eastern Time (ET) or 9:00 AM Pacific Time (PT). The digital art gallery is a collaboration between the gaming firm and 1TZAH, a famous creator in the NFT space.
Enthusiasts know the artist for making beautiful pixel art inspired by popular games. One of this creator’s most notable works is a reference to The Legend of Zelda series.
Couldn’t wait till Fresh Friday! Our first ever NFT collection GMERICA is giving off some serious summer in the city vibes from coast to coast. Created with artist @1TZAH and available at noon tomorrow EST. Power to the Players.
— GameStopNFT (@GameStopNFT) August 29, 2022
It is a GIF image inspired by the recent Nintendo Switch game Legend of Zelda: Breath of the Wild, which has more than 20,000 likes on Twitter.
At the time of writing, 1TZAH’s posts have been gaining positive traction in the online community. Perhaps the creator’s NFT collab with GameStop would receive the same attention.
NFTs or non-fungible tokens record the ownership of physical and digital objects on a blockchain network. They enable a person to own a unique copy despite countless replicas.
Non-fungible tokens have numerous use cases, like blockchain voting. That is why more countries are adopting NFTs and related technologies.
For example, the ongoing digital transformation of the Philippines may soon turn into a global cryptocurrency hub. Similarly, GameStop may catch up to this trend with the success of its GMERICA NFT collection.
GameStop Wallet and meme stock status
The video game retailer has launched other products related to cryptos. On May 23, 2022, GameStop announced the release of its digital asset wallet.
The GameStop Wallet is a web browser extension that lets people send, receive, store, and use cryptocurrencies and NFTs. Moreover, it is a self-custodial Ethereum wallet.
It uses the Ethereum blockchain network, which hosts Ethers or ETH, the second largest cryptocurrency in market capitalization. Moreover, the GameStop Wallet lets users store their private keys.
These are important in confirming crypto transactions. More importantly, people would need the GameStop Wallet to purchase, sell, and store non-fungible tokens from the GMERICA NFT collection.
The company also appeared in the headlines after retail investors bought its stock en masse last year. In 2021, disgruntled investors believed that hedge funds profited from the economic downturn caused by the COVID pandemic.
They said the hedge funds held short positions on failing companies. In turn, they could earn money as stocks from these small businesses declined.
In response, online investors bought Gamestop shares and other meme stocks to increase their value. As a result, hedge funds became trapped in a short squeeze that cost them millions of dollars.