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Glad to see all the Reddit investment money went somewhere good.
In a rare thing for dying businesses, GameStop got a second chance at life thanks to Redditors manipulating the stock price of the business, pushing enough money into it to get on international news and even earn themselves a biopic in the form of Dumb Money.
What GameStop did with the money from this investment seemed quite the strange manoeuvre, as the company opened up its own NFT marketplace, which has since shut down. As reported by Decrypt, you’ll no longer be able to buy and sell NFTs via this marketplace. However, as the NFTs were minted on the blockchain, you can access and sell them elsewhere.
Four months prior, GameStop also shut down its NFT wallet. It’s unclear why this staggered approach was taken, but it is certain that GameStop – like a lot of other companies that drank the NFT Kool-Aid – are getting out now they’ve realised how little money there is to gain from it right now.
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