Meme Stock GameStop to Launch NFT Platform on Ethereum & A Dedicated GME Token
Meme stock GameStop (GME), a video game retailer, is back on the rise this week.
Though still down 57% from its all-time high of nearly $483 in late January, currently trading around $209, GME is up over 435% from the mid-February low of $39.
The pump in prices was also seen in other meme stocks like movie theater company AMC Entertainment Holdings (AMC), headphone maker Koss Corp, and clothing company Naked Brand Group Ltd.
GME’s latest pump could be attributed to the platform entering into the non-fungible token (NFT) space.
NFT.GameStop.com was unveiled on Tuesday with the message, “Power to the Players. Power to the creators. Power to the collectors.”
It will be launched on the second-largest network, Ethereum. Currently, GameStop is looking for engineers (solidity, react, python), designers, gamers, marketers, and community leaders for its platform, reads the website.
Not many details are known about the project, but the smart contract code states “Game On Anon” and that a dedicated token GME will also be released.