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GameStop Dives Deeper Into NFTs

By Rich Duprey - May 26, 2021 at 11:58AM

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The video game retailer is looking for qualified people to help it build an NFT platform.

GameStop (GME 3.27%) is fueling further speculation about its intentions on going all-in on nonfungible tokens, or NFTs, the trendy new digital asset that uses blockchain technology to record ownership and prevent duplication of digital items.

The video game retailer created a website that went live today announcing it wants to hire a team of engineers, designers, gamers, and others to help it develop an NFT platform.

A large circle with the words "non-fungible token" on top of a digital background.

Image source: Getty Images.

It was reported over a month ago GameStop was hiring people conversant with cryptocurrencies, blockchain technology, and NFTs. Sites such as GMEdd and Decrypt were the ones who originally found and publicized the job listing, but it was a tweet by a Fox News reporter who saw their reporting that amplified the notice.

The GameStop NFT website is fairly sparse. It shows an illustration of a Nintendo Game Boy-type device with a spinning screen that says, "Power to the players. Power to the creators. Power to the collectors." 

The website goes on to say, "We are building a team. We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders."

Between the image and the statement, however, is a link to an Ethereum-based contract address.

Where exactly GameStop is going with this gambit remains to be seen as the retailer hasn't made an official announcement yet as to what it's proposing. Nonetheless, NFTs continue to provoke interest.

Just this week, an NFT for the the viral YouTube video "Charlie bit my finger" was sold for $760,000. The video was taken down from YouTube.  

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares) and Alphabet (C shares). The Motley Fool recommends Nintendo. The Motley Fool has a disclosure policy.

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Stocks Mentioned

GameStop Corp. Stock Quote
GameStop Corp.
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Alphabet Inc. Stock Quote
Alphabet Inc.
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Nintendo Co., Ltd. Stock Quote
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