With a movement that no one is surprised at GameStop I am participating in NFT.Video game retailers have launched their own games NFT Marketplace Today, it has reached over $ 1 million in volume in just a few hours after it goes live. Cryptocurrency buddies and ape owners around the world are celebrating the launch, but from both an economic and ethical point of view, GameStop NFT could never have been the worst possible time.
NFTs have been a big topic on the Internet for quite some time. People who have a hexagonal profile picture sing compliments on Twitter, but lately I feel like I can’t enter the comment section without seeing a poorly drawn cartoon monkey. However, common sense people are familiar with many of the shortcomings of these irreplaceable tokens. Environmental damage, rampant scams, and other blockchain issues only hurt the surface of what’s wrong with NFTs, depending on who you ask.
Regardless of your feelings about NFT Gamestop NFT Marketplace I wouldn’t have been able to come at the worst time. The crypto market is not currently in a great location. We are in the midst of a cryptocurrency winter. Hedge funds The price of coins is plummeting.Companies like Coinbase, BlockFiWhen Crypto.com Hundreds of employees had to be dismissed.Bitcoin, Ethereum, and almost all the major cryptocurrencies out there Significant decrease since the beginning of the year.. What is the best time to launch a new NFT Marketplace?
Of course, GameStop claims that its NFT marketplace is positive and built for a more interconnected future with true digital ownership and all sorts of other buzzwords. The market is “expanding capabilities to cover additional categories such as Web3 games, more creators, and other Ethereum environments.” press release.. The press release is followed by a section on “Notes on Forward-Looking Statements” that is almost three times as long as the actual announcement. Covering the base with careful legal remarks is one thing, but the 3: 1 attention-to-action ratio is not a good sign.
It’s just an economic aspect of things. As prices go up and down and the economy adjusts, GameStop’s positive NFT plan will be financially successful in the long run. Maybe they really resonate with meme stock traders and Crypto Brothers in this. But no matter how much cash flows into GameStop from this whole effort, the questionable ethics of the situation cannot be ignored.
Breaking news: GameStop CFO comes out and lays off the entire company, including GameStop Proper and Game Informer. It’s unclear how hard people were hit, but it doesn’t sound small. “Reduction number” by company memo
— Stephen Totilo (@stephentotilo) July 7, 2022
GameStop has started Last week’s mass dismissal round In the process, I fired the CFO. Approximately 160 employees have been reduced, including the editorial staff of Game Informer. People’s lives were directly influenced by the launch of this NFT marketplace and the overall pivot to GameStop’s cryptography. “As we evolve our commerce business and launch new products through the blockchain group, change is constant,” reads the first line of an email sent by CEO Matt Farlon to GameStop staff. It took only 18 words for the CEO to launch the blockchain with a note about the temporary dismissal of staff.
“After spending a lot of money on people, technology, inventory and supply chain infrastructure over the last 18 months, our focus is on achieving sustainable profitability,” said Furlong’s email. Read the line. GameStop experienced another layoff at headquarters in May. Kotaku The report affects more than 100 employees. They may have been reduced to make room for new hires with experience in “blockchain games, e-commerce and technology, and operations.” 2022 1st Quarter Financial Results Report..
All timings are disappointing, but expected. People have left and now NFTs are here. The GameStop NFT Marketplace is now full of great pieces such as Dankclops # 69, a pixel monster valued at 100 ETH (about $ 104,000 USD). If that’s not really your style, you’re probably interested in Bluetooth. This is a 420.69 ETH (about $ 438,000 USD) blue tooth rotation GIF. These two tokens are just a few of the exquisite collections of over 53,000 NFTs available at GameStop.
No matter how you look at it, GameStop’s NFT Marketplace is open at a terrible time. This is a blockchain-based project that starts when cryptocurrencies are plunging. It starts shortly after the round of mass dismissal, where it is the only culprit. The company’s CEO sounded more excited than regretful when he emailed staff about layoffs just because his dismissed work was sacrificed for shiny new blockchain technology. rice field. Even that positive plan has the following flaws: Existing attempts to incorporate NFTs and blockchains For mainstream games Failed brilliantly.. GameStop’s NFT Marketplace is a pointless, soulless project that helps steal more money from an already dying company that can’t even afford to keep hiring employees.