Hot News

Is GameStop Developing an Ethereum-Based NFT Platform?

There has been no official confirmation yet, but industry observer going by the Twitter pseudonym ‘croissant’ has been connecting the dots for their 53,400 followers.

News that GameSpot was developing an NFT platform originally broke in late May when the company stated that it was “officially getting into NFTs.”

It launched a website at the time that contains very little aside from a big clue in the form of a large Ethereum logo.

GameStop and Ethereum Tie-Up?

The gaming giant made a bucket load of money earlier this year following the famous GME stock short squeeze in late January. As pointed out by “croissant”;

Integrating NFTs with GameStop may enable the firm to onboard millions more users, the analyst added.

Read more:  BitMEX in 2021: CEO Alex Hoeptner Explains How He'll Take the Veteran Exchange to a New Era (Exclusive)

ADVERTISEMENT

According to Jordan Holberg, Principal Engineer of GameStop, the company aims to become the “bridge between the old and the new — traditional “legacy” e-commerce and the next generation of blockchain.”

Additionally, many recent company hires have been from the crypto and blockchain space, backing up GameStop’s intentions to go all-in on NFTs. “Croissant” took the narrative a bit further, adding:

“It would allow their users & traders to easily interact with a wider range of decentralized, authenticated applications without compromising any privacy. The move to ETH, a censorship resistant network, is a very significant step for their entire user base…”

Major Partnerships

The analyst also pointed out that GameStop also has major partnerships with the likes of Hasbro and Microsoft’s Xbox, as well as a number of eSports teams. Intellectual property laws may be hindering mainstream NFT adoption at the moment, but Ethereum can already solve this through its ENS (Ethereum Name Service) system – the decentralized equivalent to DNS.

“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.”

The conclusion made was that GameStop might be laying out the framework for the widespread adoption of Ethereum.

Read more:  Goldman Sachs Plans to Relaunch Its Cryptocurrency Trading Desk

In its current state, however, there is little chance that Ethereum Layer 1 could support the onboarding of millions of users. The recent NFT craze has sent gas prices skyrocketing yet again, so Layer 2 solutions will be needed for any new major platforms based on Ethereum.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:

  • Is GameStop Developing an Ethereum-Based NFT Platform?

    The American Cancer Society Looking to Hire a Cryptocurrency Product Supervisor

  • Is GameStop Developing an Ethereum-Based NFT Platform?

    NFT Mania Sends Ethereum Gas Prices to 14 Week High

  • Is GameStop Developing an Ethereum-Based NFT Platform?

    Reddit Cofounder Alexis Ohanian Says He Has ‘A Lot’ Of Ethereum

Tags: Ethereum Non-Fungible Token (NFT)

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button