Historical past repeats appears to be repeating itself as GameStop is as soon as once more fading into irrelevance following a short second within the highlight in January 2021 when its inventory costs skyrocketed because of a pump-and-dump buying and selling scheme organized by Reddit. The online game retail chain additionally dipped its toes within the cryptocurrency market with the opening of its NFT Market in July 2022.
GameStop’s inventory worth has plummeted since then and its foray into the world of cryptocurrency will quickly be coming to an finish because it publicizes the closure of the NFT Market’s closure on February 2, citing regulatory uncertainties within the crypto market. It could even have one thing to do with the drop in worth of most crypto cash over the previous two years.
In any case, it appears to be like like GameStop might be reverting again to its core enterprise of promoting video video games which has but to generate revenue for the corporate since every little thing went digital.
GameStop’s fleeting rise to fame (or infamy) in 2021 has been immortalized within the 2023 movie, Dumb Cash, which might be making its strategy to Netflix this month and stars Paul Dano, Shailene Woodley, and Seth Rogen.
