How GameStop is Transforming Its Business
GameStop is now offering consumers an option to buy NFTs when they opt into its Power Up Rewards loyalty program.
One would expect a store called “GameStop” be on the very cutting edge. And, you would be right. GameStop began in the early 1980’s as a software gaming company and eventually grew into a retailer. It was a varied history for the company, but now it seems it’s going back to its more technology-centric roots.
According to CNBC, GameStop is releasing a line of NFT (non-fungible tokens, which are related to cryptocurrency and are unique digital assets) that accompany the game, Gods Unchained. The game is built on the idea that players can buy and trade and sell in-game digital assets. When a customer signs up for the company’s loyal “PowerUp Rewards pro program” at the price of $14.99 a year by September 27, they will get a code that they can redeem for NFT trading cards for the game Gods Unchained.
Not a strange move for a company that just recently saw its stock surge due to a popular Meme a social media star has been circulating. Because of the popularity on Reddit, stock prices looked a little healthier. Now, it looks like the company delivered on finding the next big thing.
GameStop’s Perfect Strategy to Bounce Back
GameStop’s reentry into the digital world is central to the brand’s evolution, led by new CEO Matt Furlong and board chair Ryan Cohen, founder of popular pet brand, Chewy. Furlong’s brave decision to go where no other company has gone before will either be applauded by at least a small number of digital natives who have been immediate fans, or it will be tossed aside and ignored by the audience who doesn’t understand the very concept of NFTs, let alone cryptocurrency. But, whatever happens, it’s an interesting play to take games to where blockchain resides. (if it resides anywhere).
Transforming a company into something completely different from what it’s known for is risky. However, is this change just helping the world take gameplay just a little deeper–further from just online web play. It’s an entirely new concept; although it is related to technology. Perhaps it is a perfect rebirth for Gamestop. Who better to take gaming to a place it has never been?
Interestingly, this move takes place right after profits plummeted. Thus, it seems that GameStop is banking on a big risk to yield an even bigger reward. Although, only time will tell if their NFT strategy gives the company the results its looking for.
GameStop Believes NFTs are Not a Joke
However, if you believe in what Bill Gates thinks about cryptocurrency, the entire concept is just silly. He told convention goers his personal feelings on the NFTs and he said he would avoid investing in things that skirt regulation. Safe to say, he’s not a fan.
But GameStop’s regulars know and understand how much power they have.
This may be another time when they will reshape a digital destiny. In fact, GameStop will be the subject of an upcoming movie with A-list celebs. In the movie, Reddit users dupe wall street investors. It really seems as though that art does indeed imitate life.
