Gamestop jumps into NFT market just as it is collapsing

The Gamestop chain launched its platform for NFT with perfect timing, that is, just as the market is collapsing after the bursting of the speculative bubble that has led to a 92 percent drop in sales and an 88 percent drop in active wallets since November 2021.

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Meet the new kid on the blockchain #GameStopNFT pic.twitter.com/BIrLrmYnMp

— GameStopNFT (@GameStopNFT) May 19, 2022

In short, the reasons for the collapse are rising interest rates that are strangling the poorest and have made wealthy investors more guarded, as well as the lack of interest from the mass public. In spite of this, Gamestop has decided to go ahead with its proposal, launching a virtually empty site, waiting for it to be filled with NFTs to be bought and traded, first of which are those in the Immutable X Gaming collection.

Of course, it remains to be seen how Gamestop thinks it can act in a market in the midst of crisis. As already mentioned, the general public has shown itself to be completely disinterested in buying NFTs, of which it perceives no real value. Indeed, there are many who do not understand why they should spend money for the possession of digital images of procedurally generated ugly monkeys that anyone can save on their PC and replicate as they wish. May Gamestop have more in store?