GameStops push into the NFT sector did not come with a lot of positive reception. The gaming retail giant is no stranger to controversy with some of the decisions it makes and was even part of a massive stock explosion in 2021 that involved a group of redditors joining forces to bring the price of the stock up to its peak in January of that year.
Since that situation with Wall Street Bets the stock of the company tapered off back into what was considered normal for the company , until recently. Stocks of the company rose another 27 percent since the announced dive into web3 sales. This however does not do much as the stock is still down 59% from that January high.
Currently there is a lot of backlash from gamers when it comes to gaming companies announcing their push into NFTs. Recently a Final Fantasy 7 NFT launch was released to abysmal sells and reviews. Gamers are not into having to pay more to play games that they already pay high prices for currently, the sentiment is that most game companies are just operating off of greed at the moment.
The anti-NFT sentiment of gamers worldwide may be the reason for the marketplace having one of the worst performing days since its inception. Thanks to the reddit of the same group that aided in the growth of the GameStop stock users were given the info that the NFT marketplace had a terrible trading day, at one point the marketplace only made less than $14 an hour ( that’s minimum wage in some areas.) The total intake for the entire weekend was only $4696.41.
Things could change in the future, the bear market is still very much alive at the moment and many NFT projects are feeling the squeeze, perhaps when the market picks back up GameStop will get its second wind, one can only hope as currently the GameStop NFT marketplace looks to be taking a loss.
