Send me real-time posts from this site at my email

GameStop Looks Like It Wants In On Blockchain, Crypto, and NFTs

There may be a lot more changes coming to GameStop (NYSE: GME) than what many people expect. Not only is the video game retailer apparently searching for a new CEO, GameStop is also looking to expand into the world of cryptocurrencies.

Along with all the usual experience and requirements necessary for a security analyst position, a recent GameStop job listing says the company is also seeking a candidate with experience in blockchain, cryptocurrency, or nonfungible tokens (NFTs).

Fox Business News reporter Liz Claman tweeted the post to a wider audience yesterday, but over the weekend sites including GMEdd and Decrypt had already found and delved into the ramifications of the job listing.

Image source: Getty Images.

Decrypt cites Fintech Recruiters founder and CEO Nako Mbelle as saying GameStop is probably looking to mint NFTs or add a token to its platform. "This position looks like they're building something serious because they are considering the security angle," Mbelle told Decrypt.

NFTs, the trendy new digital asset especially popular in the art world, use blockchain technology to record ownership and prevent duplication of digital items.

Like a certificate of authenticity, Decrypt says they could be particularly valuable in online gaming where an in-game token with an NFT assigned to it would give a player exclusive rights to the item, whether it's a weapon, a power, or an invitation to go on a quest.

GMEdd noted stock analyst Tony Oz had speculated last month about what impact an NFT announcement would have on the retailer's stock, much as what happened with the Reddit rally. Although a job listing doesn't quite qualify as a catalyst, it does indicate there is interest in this new field.

With the New York Stock Exchange and others minting their own NFTs these days, it's not so far afield to see this is likely in GameStop's future, too.

10 stocks we like better than GameStop
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and GameStop wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

*Stock Advisor returns as of February 24, 2021

Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.


Popular posts

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue