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Discussions surrounding non-fungible tokens (NFTs) suggest that the market is volatile and could be facing some significant challenges soon. But the creators entering the NFT community are responding with the words of former Atlanta Housewives star Porsha Williams, “Who said that?” This week, AfroTech learned about several new NFT offerings, and we are here as your trusted guide to give you the rundown of each one.
May 20, 2022
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...
Mar 29, 2022
GameStop may be in for the long haul. According to an undisclosed source, the company is looking to create a non-fungible token (NFT) marketplace as early as this year. GameStop experienced a massive boom in the stock market following a frenzy originating on Reddit in 2021. The sudden wave in buying led to a shortage among hedge funds which only propelled the movement further, causing stocks to skyrocket over 687 percent by the end of that year, CNBC reports. It’s to no surprise investors have been speculating what the next move may be for GameStop, which reportedly closed nearly 1,000 stores by the end of 2021. Now, Fortune reports, GameStop has shifted its focus from its brick-and-mortar shops to tap into the increasingly popular cryptocurrency wave. And, what’s more, this could be a smart move since the NFT market value is $22 billion, according to The Guardian.
Jan 7, 2022
“Just answer yes or no,” California Rep. Maxine Waters repeatedly said in a recent hearing, “I’m reclaiming my time.” This was Waters’ mood the entire time she questioned Robinhood CEO Vlad Tenev during the “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide,” virtual hearing on Thursday, Feb. 18. Tenev and a group of other CEOs and financial experts were called to testify before the U.S. House Committee on Financial Services following the events of the stock market frenzy on Jan. 25. That frenzy came after the Reddit group of young day-to-day traders called WallStreetBets caught wind of hedge fund short sellers in GameStop last month. When WallStreetBets shared its findings on Reddit, retail investors began grabbing GameStop stock up, driving its share price through the rough, and ultimately costing some hedge funds millions of dollars. Check out what Black millennials had to say about this debacle. Despite this being absolutely legal,...
Feb 19, 2021
This fifth-grader is cashing out thanks to his mom! To celebrate Kwanzaa back in 2019, Nina Carr gifted her son, Jaydyn, ten shares of GameStop stock, according to Black Enterprise. The gift paid off because, last week, shares of the video game retailer increased over 1500 percent, allowing the 10-year-old to cash in over $3,000 in profits. View this post on Instagram A post shared by OnTheDotTv (@onthedottv) Last week the popular Reddit forum, WallStreetBets, stirred up a frenzy that led to investors hitting millions in minutes! Black Enterprise reports a community of traders led a buying strategy that caused GameStop’s price to soar with stock prices going from approximately $18 per share at the start of the year to a 52-week high of $483 on Thursday. “My phone was going off because I have GameStop on my watch list,” Nina tells The San Antonio Express-News. “I was trying to explain to him that this was unusual, I asked him ‘Do you want to stay or sell?'” For Jaydyn, he didn’t...
Feb 1, 2021