One of the retail market's favorite companies, GameStop, could make its way into the world of cryptocurrencies and NFTs. GameStop drew attention to the cryptocurrency community when it added "Blockchain, cryptocurrency or non-fungible tokens" as a requirement to access its job position as a security analyst. The analyst who is primarily responsible for "monitoring and maintaining the confidentiality, integrity and availability of data and the platform in a corporate environment", and is required to understand the aforementioned areas related to cryptocurrencies as "additional skills and experience" .
How you ride a wave of enthusiasm
While these are some of the many other requirements such as machine learning or artificial intelligence, GameStop's recent move to restructure their business is a valid reason to suggest that the company might be looking to launch its own NFT market or any other product. related to cryptography. With the intense support GameStop has gotten from the retail market, it could be very rewarding for the company, if it intends to leverage the new fan base, and enter the world of cryptocurrencies, where retail traders take an interest in an asset and a pump its value.
After the first big leap in January, when Redditors pushed GameStop (NASDAQ shares - NYSE: GME) at 92,7%, the company has since been labeled a "Reddit Raider". Having received support from fintech and cryptocurrency industry players such as Elon Musk, Justin Sun and many more. GameStop began its rebranding with the introduction of entrepreneur and activist Ryan Cohen as the new leader of the e-commerce committee. This caused GME stock to rise by 41%, bringing the stock value to $ 194,50.
But the situation could change
Regardless of where GameStop heads in the future, critics are still just as busy as its newly arrived supporters. The stock fell 9,42% recently after Ascendant Capital analyst Edward Woo made a bearish pushback on the asset. In a note to his clients, Woo wrote:
“Due to GameStop's popularity on Reddit chats and with Robinhood's retail investors, GameStop's stock appears to be no longer trading on traditional core ratings or metrics, but on sentiment, hope, momentum and crowd power. of retail investors ". It also remains bearish on the future of GameStop, despite the video game company launching new consoles that have performed well in the market. His view is that GameStop's position as a retailer's stock makes it nearly impossible to make accurate price predictions.
Following his first statement, he continues, writing that “This makes short-term price movement predictions nearly impossible… but we believe that in the long run, GameStop's current high stock prices will fall back to match its current weak results. and perspectives ". And what do you think of it? Would you support a GameStop entry into the NFT world? Let us know in the comments below!