NFT market, and other blockchain-related gaps like cryptocurrencies, They are having a very bad month as their perceived “value” evaporates and the actual monetary value they had falls off the floor... GameStop says: lol.
This is what we wrote about market issues However last week:
“The NFT market is collapsing.” Not only did sales fall by 92%, but “active wallets” fell by 88% since November.
This may be in part due to rising interest rates that are strangling the poorest, but as a result, the speculative risk of the wealthiest is much lower. And you can’t be much more speculative than betting on the mass delusions of jpeg ownership.
And still! The company today chose to officially announce the GameStop NFT Marketplace in this statement. With an empty website:
What the internet did for communication, blockchain does for value. The global community can now connect, coordinate, and trade in new ways.
Public, permissionless, trusted neutral value layer-> power to the player.
Of course, it doesn’t really mean anything, but what else do you expect from a company that operates primarily as a meme in 2022?And it still treats the worker like shit), And now it’s long after it’s been revealed that no one but the laser eye technician is giving any shit about ape jpgs.
Speaking of memes GameStop made all sorts of headlines last year When hypercapitalist Stockkids began tampering with the company’s stock price, he appointed “Reddit’s hero and former pet food tycoon” as chairman of the board and tried to turn the company into Amazon Light.
It worked, For a whileBut As other “meme stocks” collapse, GameStop (stock price is down 40% annually) also doesn’t look very good.in the meantime Things soared temporarily in AprilIt jumped from $ 78 per share last month to over $ 185 a day, but it wasn’t enough to stop the company’s slow slip from the 2021 height.
It’s hard to predict the success of this, especially considering the timing, but if anyone can find a way to make money from a used jpeg, it’s these guys.