On March 29, 2022, Gamestop stock ground to a halt on the NYSE.
TheStreet reports that stock exchange officials ordered that the popular stock — along with the equally popular, and meme-able, AMC stock — stop its trading on Wall Street, based on the fact that the stocks were trading at a higher-than-usual volume and their prices were fluctuating to the point of volatility.
This move, according to the outlet, could result in the successful stock-taking an unprecedented nose dive.
“GameStop was last seen trading 6.1% lower on the session at $178.00 each, a move that would still leave the stock up 41% over the past month, while AMC fell as much as 12% before trading 2.1% into the red at $28.80 each,” reports the outlet.
This bit of news could come as shock to investors, who may have been under the impression that the stock would rally amidst growing reports of their new NFT marketplace.
With this in mind, we decided to put together a brief primer for everything you need to know about the Gamestop stock — and the new NFT marketplace that’s cropping up.
Editorial note: The information provided about the Gamestop stock is for educational purposes only. Please consult with a licensed financial professional before purchasing or selling stocks.
The History of the Gamestop Stock
Photo Credit: krisanapong detraphiphat
In February 2021, ABC News reported that the Gamestop stock was engaged in what it referred to as a “David and Goliath” battle with the stock market.
Thanks to a Reddit group called WallStreetBets, the stock went through what’s called a “short squeeze,” which is when the stocks get pushed to higher prices, forcing short sale investors to purchase at a much higher rate than they initially did.
As a result, the stock — which could initially have been purchased for $13.66 a share in December 2020 — jumped to a staggering $354.83 on Jan. 26, 2021.
Today, Gamestop stock continues to be volatile, and as of this writing, the stock can be purchased for $187.32 a share.
The NFT Marketplace
Bitcoinist reports that Gamestop has finally diversified its assets and entered into the crypto space.
“GameStop had put focus on the fact that they, ‘hired dozens of additional individuals with experience in areas such as blockchain gaming, eCommerce and technology, product refurbishment and operations,'” reported the outlet, while reporting that Gamestop planned to team up with ImmutableX to launch their exclusive NFT marketplace.
The partnership would grant Gamestop more than $150 million in IMX tokens.
Statistics on the Rise of the NFT Marketplace
Between 2018 and 2020, Statista reported that the number of NFT marketplaces rose “nearly ten-fold.” Statista also reports that this number is considered a conservative estimate because the numbers continue to grow exponentially. What’s more, in 2021, sales of NFTs totaled nearly $2.5 billion, and that was just in the first half, per Coindesk.
It remains to be seen what the NFT marketplace will do for the Gamestop stock.