A year ago, the company that people could not stop talking about was GameStop (NYSE:GME). This ticker symbol was the raison d’etre of WSB, and the fabled trader DFV made millions off of it. Since then, however, let’s just say the volume is a tidbit of its former glorious self.
Faced with the prospect of irrelevancy, the powers that be at GME decided to do something about it. After all, the stock price had lost most of its value from the peak in early 2021. How could they get some badly-needed attention for a company which, let’s face it, sells video game boxes from its brick & mortar stores?
Well, just pluck a hot term from the buzzwords box, and voila!—NFT! So, yeah, on Thursday after the close, GME said they were going to be really into NFTs, and the stock went absolutely berserk. The glory days were back! Errr, well, for a few minutes, at least. As you can plainly see, the splashy announcement had its desired affect early in the evening session, but by the close on Friday, it’s like nothing had ever happened.
Thus, the stock has again shot its proverbial wad. Huge amounts of volume, but every single person who acquired the stock after hours, and virtually every person that acquired it on Friday, wound up in a losing position. It’s not a good feeling.
So, NFTs are shot. What can they try next? Space tourism, perhaps?