There’s no question that GameStop’s business venture into NFTs and cryptocurrency has been the subject of much criticism. The announcement sure didn’t have a warm reception, and it looks like public perception isn’t improving.
A post on r/wallstreetbets, a subreddit devoted to tracking financial investments and trends, notes that on July 30, 2022, GameStop’s NFT marketplace had its worst day thus far. At one point, the controversial storefront was making approximately $13.40 an hour. Conversely, the highest revenue point came in at around $475.41, which is obviously better but still relatively poor all around. For the whole weekend, total profits came in at roughly $4696.41.
Several posters in the thread mention that this was partially due to the minting process briefly going on hold, which means no NFTs were being made. Either way, it’s not a great look for a platform that only launched early last month.
Controversy has been enveloping the company for most of this year. Last month, GameStop had to pull an NFT that mimicked a photograph from 9/11. Then there was an incident in Lincoln, Nebraska, where several employees walked off the job — urging customers to shop elsewhere while doing so.
It’s, of course, possible that this all turns around, but as of right now, the GameStop NFT market is looking rough.
Written by Kyle Campbell on behalf of GLHF.