According to a rush of job posts put on top’s recruitment site on Monday, the company is going full meme and trying to establish a “Web3” platform. One of those adverts, uncovered by CoinDesk, is for a “Head of Web3 Gaming,” with the company looking for someone to “accelerate the future of gaming and commerce” using blockchains.
If you’ve never heard the term “Web3,” it’s typically used to denote a decentralized, crypto-based internet. This is consistent with the other job postings, which show that GameStop is working on an NFT platform, most likely based on Ethereum. While job listings aren’t always just job listings, in this case, it could be a ploy by GameStop to get back on WallStreetBets’ radar or into the crypto community’s good graces.
GameStop hasn’t addressed its enthusiastic retail trading followers much in its earnings calls, but the company’s stock has certainly benefited from their enthusiasm – it was hovering around $20 per share at the start of 2021, and it ended on Tuesday at $177.84, according to Yahoo Finance. High stock prices may not always imply that the company as a whole is performing well, but they might help keep people interested in the stock.
When dealing with an Internet mob, though, focus inevitably slips. AMC has attempted to rekindle traders’ interest (it was involved in the same trading saga as GameStop) by offering free popcorn and announcing that they are looking into accepting Bitcoin and other cryptocurrencies in theaters. For GameStop, it’s feasible that an NFT platform promising a future of games where “play is driven by the stuff you bring” and including buzzwords like “Web3” and “blockchain-based gaming” is a similar strategy to rekindle investor interest. BUILDING AN NFT PLATFORM COULD BE A PRO STRAT IF YOU’RE TRYING TO GET THE ATTENTION OF REDDIT TRADERS.
With all the hoopla about GameStop as a crazy stock market bet, it’s easy to forget that its main business is selling video games. At the moment, it’s unclear whether video game retailers will accept NFT-enabled games – Valve has stated that creators will not be able to sell blockchain-enabled games on its Steam store, although Epic has stated that it’s fine with them. Apple has yet to make a public decision concerning the Software Store, presumably because developers are justifiably afraid of becoming the first to submit an NFT-powered app.
Meanwhile, GameStop appears to be keen on creating a home for such projects, with one of the job description’s specified objectives being “create a team to assist creators in launching their projects on the GameStop platform.” While the corporation appeared to indicate ambitions for something NFT-related earlier this year, an obscure webpage is more mysterious than a call for individuals interested in building a blockchain empire.
I wish good luck to anybody tries to accomplish this for GameStop; you’re going to need it. Dropping the ball on this project might irritate crypto enthusiasts, retail traders, and blockchain game developers, and that’s a Venn diagram I’d rather avoid. However, if things go horribly wrong, please email me because that may make for a fantastic tale.