- GameStop (NYSE:GME) is serious about becoming part of the decentralized system.
- The company posted eight job openings focusing on NFTs and a Web 3.0 infrastructure.
- The gaming retailer hinted at the development of an NFT platform in May 2021.
Every tech company is considering implementing a decentralized system to meet the expedited demands of digitally native consumers. Cryptocurrencies have reshaped the way business interactions between user and provider are tackled. The meme stock company, which gained popularity at the beginning of 2021, seeks to adapt to the new digital landscape by joining the decentralized movement.
GameStop Pushes Toward Decentralization
GameStop wants to push the company’s vision outside centralized standards. According to a new job posting, GameStop is looking for software engineers, product owners, and marketing specialists to “help accelerate the future of gaming” by exploring new methods of digital interactions. A total of eight jobs focus on this end goal of positioning GameStop as a market contender in the new decentralized system.
In May, the company first dabbled with the decentralization idea when it revealed plans to launch an NFT marketplace, even releasing a website nft.gamestop.com. However, as a new job description highlights, GameStop seeks specialists with “experience with Ethereum, NFTs, and blockchain-based gaming.”
The Verge highlighted that the move towards embracing decentralization and incorporating words such as Web 3.0 and NFTs is a tactic that can help “reignite the passion of investors.” XcelLab Magazine argued that the short squeeze made possible by a group of rogue Redditors is an “exemplary case” for the power of decentralization without even incorporating blockchain into the mix. In that regard, GameStop investors embody decentralized financial freedom, and Web 3.0 is the first step for the company to reinforce that feeling.
On The Flipside
- A high performing stock such as GME is not always reflective of financial stability.
- Not every major player in the gaming industry agrees with embracing decentralization, as it hinders their profit margins.
Web 3.0. Is the Next GameStop Frontier
Without a doubt, NFTs and the Metaverse are heavily emphasized topics that converge upon the digital environment led by Facebook’s new market position of becoming a metaverse company first. Moreover, NFT sales have soared during Q3, amounting to $10.67 billion, while games such as Axie Infinity reshaped the relation between users and games.
Yet, not all game providers agree with the new digital meta. For example, Valve recently announced it would not support blockchain games or those who reward the participant with crypto. In that regard, GameStop might have found a gap in the market and a new avenue to keep their investors interested and vested in the project. On a similar note, AMC integrated Dogecoin and Bitcoin payments as a way to transpose their investor’s ideals into their company culture.
GameStop is a game vendor, and by definition, they should help release games regardless of their format. Web 3.0 is the next frontier for digital gaming because it offers users better control over their assets, creating an already demanded shift from the rental economy towards an ownership economy where players own the assets across the ecosystem without relying on the game developer’s retribution.
Why You Should Care?
The Web 3.0 revolution is happening, and the fact that GameStop, a company that reflects digital natives’ culture, joined the bandwagon shows how the change is more than just mediated hype. However, the process should not be rushed in order to ensure the Web 3.0 implementation is seamless.
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