El Salvador President Nayib Bukele took a victory lap on Monday after the Bank of England’s British pound rapidly depreciated against the dollar. The institution has since resumed quantitative easing. Its action marks a clear pivot that many in the Bitcoin community predicted central banks would be forced into months in advance. Bukele’s Callout Bukele tagged the Bank of England with a triumphant “Told you,” over Twitter, scoring over 14,000 like and 2000 retweets from his followers. His brief comment…
American video game retailer GameStop has undertaken a significant transformation strategy. The company made waves in January after the WallStreetBets subreddit group coordinated a legendary short squeeze. Moreover, the effort managed to bankrupt some Wall Street giants. Subsequently, GameStop’s meme stock rose to the moon.
The gaming retailer has since welcomed a new CEO, Chewy founder Ryan Cohen. Mr. Cohen sees the potential for GameStop to become the Amazon of gaming. The CEO is on a mission to revitalize GameStop’s image from a traditional e-commerce platform. He wants to turn the platform into a tech-focused enterprise.
Jordan Holberg, a Principal Engineer at GameStop, unveiled the platform’s ambitions to bridge the e-Commerce market and blockchain technology. In April, GameStop hinted at launching an Ethereum-based NFT platform.
GameStop Jumps on the NFT Train
Celebrities, billionaire investors, artists, and traditional auction houses join the NFT market to trade unique digital collectibles. It now seems GameStop is looking to capitalize on its newfound fame by joining the NFT gold rush that has taken the crypto world by storm.
The retail giant made huge profits from its global e-commerce sales. However, the company plans to channel a significant amount of that revenue towards advancing its digital gaming offerings.
The team recently unveiled a new NFT subdomain on its official website. Consequently, the move backs speculations that GameStop is ready to enter the digital collectibles market. The page stated that the retailer was building a team of exceptional engineers with experience in crypto and blockchain tech.
Huge Plans for Ethereum
The Twitter pseudonym ‘Croissant,’ believes the move by GameStop to go all-in on NFTs could largely benefit Ethereum in the long run. The influencer said the upcoming NFT marketplace could eventually onboard millions of new users to ETH.
Additionally, Croissant explained how integrating NFTs with GameStop would introduce exciting new apps with unique benefits for users. He added that the move would allow GameStop users to leverage Ethereum’s decentralized network.
GameStop has also entered into several strategic partnerships with influential players. It joined forces with Microsoft’s Xbox, Hasbro, and multiple eSports teams in recent months. The pseudonymous Twitter analyst sees these collaborations contributing to Ethereum’s success.
“It’ll bring millions of eyes to $ETH with even big companies being able to easily deploy their intellectual property in a verifiable, *understandable* manner. This is huge,” Croissant concluded.