There may be a lot more changes coming to GameStop (NYSE:GME) than what many people expect. Not only is the video game retailer apparently searching for a new CEO, GameStop is also looking to expand into the world of cryptocurrencies.
Along with all the usual experience and requirements necessary for a security analyst position, a recent GameStop job listing says the company is also seeking a candidate with experience in blockchain, cryptocurrency, or nonfungible tokens (NFTs).
Fox Business News reporter Liz Claman tweeted the post to a wider audience yesterday, but over the weekend sites including GMEdd and Decrypt had already found and delved into the ramifications of the job listing.
Decrypt cites Fintech Recruiters founder and CEO Nako Mbelle as saying GameStop is probably looking to mint NFTs or add a token to its platform. “This position looks like they’re building something serious because they are considering the security angle,” Mbelle told Decrypt.
NFTs, the trendy new digital asset especially popular in the art world, use blockchain technology to record ownership and prevent duplication of digital items.
Like a certificate of authenticity, Decrypt says they could be particularly valuable in online gaming where an in-game token with an NFT assigned to it would give a player exclusive rights to the item, whether it’s a weapon, a power, or an invitation to go on a quest.
GMEdd noted stock analyst Tony Oz had speculated last month about what impact an NFT announcement would have on the retailer’s stock, much as what happened with the Reddit rally. Although a job listing doesn’t quite qualify as a catalyst, it does indicate there is interest in this new field.
With the New York Stock Exchange and others minting their own NFTs these days, it’s not so far afield to see this is likely in GameStop’s future, too.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
View more information: https://www.fool.com/investing/2021/04/13/gamestop-looks-like-it-wants-in-on-blockchain-cryp/