Will GameStop Change The NFT Game in Ethereum?
Two things happened this week:
Ethereum broke past stubborn liquidation levels; and
NFTs have asserted their status once more (everyone saw this coming).
We could have talked about Gas, but it isn’t news anymore, right?
Everyone seems to be comfortable shelling $70 for a single transaction in Ethereum. Cheap? Absolutely. Crypto folks are super rich.
Only that not everyone is impressed.
High trading fees mean inactivity from scaring away newbies—eventually proving counterproductive.
Even so, the big news around NFTs—which is blamed for the chaotic scenes around Gas—is the possible entry from GameStop.
So far, nothing official from GameStop, but we know that they are “heavy” in NFTs and want to connect the old and the modern.
The experimentation is because they had a massive windfall back in Q1 2021, thanks to the massive short squeeze that lifted their valuation to billions. While a 10X rise is nothing new in crypto, such rapid valuation expansion is rare in traditional circles. A miracle—courtesy to the WSB moonboys of Reddit—did spark innovation in GameStop, and here we are.
Back in late May, GameStop “silently” announced their presence in NFTs. They had all the rosy, flowery terms to describe NFTs. Immutable, scarce, digital, blockchain, and all were sprinkled right there on the official GameStop NFT site.
Their official statement said they were keen on “changing the game” and giving power back to the gamer, the content creator, and to collectors.
Alongside this announcement was their desire to on-board gifted solidity developers and other--“exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders.” Those interested would drop their resume in the email provided.
Three months down the line, they appear to be walking the talk—and this is where it gets interesting.
Earlier on, there were hints:
GameStop released their GME token, as per Etherscan records.
The token was created 101 days ago—as of September 3—and is an ERC-20 token held by one person.
Besides that, GameStop has an NFT site. The problem is, the platform is sparse, showing an illustration of a Nintendo Game Boy-type device and a spinning screen relaying their intention of empowering players.
Now, a Twitter user has put together a massive thread saying GameStop’s move to NFTs on Ethereum would be something big to the ecosystem.
Per his prediction, there would be a massive surge of users to the pioneer smart contracting platform once GameStop gets moving.
His research reveals GameStop has successfully onboarded Solidity talents, including a Sushi grant developer behind SushiSwap. It turns out the developer is also an NFT enthusiast and the official owner of CryptoPunk #4257.
Other developers in GameStop corner include Sai Gopal Kodi, David Nicholson, Alexander Cyr, Mark Finestone—who previously led the development of Loopring and is now the Head of Blockchain-- and more are now part of the fold. These developers have stacked years in blockchain development and are exceptional because of their prior experience.
However, Jordan Holdberg is quite noticeable and is now part of GameStop hires, leading this NFT drive as the Principal Engineer at GameStop.
At the same time, GameStop is partnering with players in eSports and those with even deeper experience in NFTs and metaverses.
However, the real tailwind that could lift GameStop even higher, allowing them to link gaming with NFTs, is the recent announcement that DNS can now be integrated into ENS. What it means is that DNS name, once importation is complete, can be used to send crypto, create web3 usernames, and so much more.
This, according to analysts, brings another level of clarity never seen before in NFTs, further extending functionality.
One of the biggest concerns hindering the rapid expansion and adoption of NFTs, especially by big players, is intellectual property laws. There are rough edges that can lead to protracted legal challenges if institutions aren't careful.
Therefore, the integration of DNS in ENS is massive, allowing big players to deploy their intellectual properties in a verifiable and understandable manner—a trigger for network effects and an explosion of NFTs.
In their master plan, GameStop plans to ride on the programmability of Ethereum, the possibilities of NFTs, and tap supportive changes addressing IP to take the gaming world to the next level.