Games @sh.itjust.works nanoUFO @sh.itjust.works 10mo ago

GameStop axes its short-lived NFT marketplace as it retreats from crypto

www.engadget.com GameStop axes its short-lived NFT marketplace as it retreats from crypto

GameStop has notified customers that it's shutting down its NFT market, effective February 2. The marketplace launched in July 2022. GameStop also shut down its year-old crypto wallet in November, citing "regulatory uncertainty."

52 comments

Nature is healing
But..but...moass?
- What the GameStop bros fail to realize is that while they are essentially correct about the crookedness of the market, they have still backed a losing horse.
  
  GameStop just doesn't offer most gamers good value so they don't spend their dollars there. This is on top of bad treatment of low-level employees, which is quickly becoming a death sentence for companies whose main demographics work retail jobs and know exactly how bad retail work like GameStop can be. Finally investing in shit like NFTs that no real gamer wanted or asked for. (On top of NFTs being a joke of a scam)
  
  MOASS would be a beautiful thing but GameStop will not be the gust of wind that blows down this house of cards.
  
  There is actually a fantastic video essay about Gamestop bros by Folding Ideas (the guy who made Line Goes Up) called "This is financial advise". I highly recommend listening to it, the whole thing turned out to be way more complicated than it seemed.
  
  The market is crooked, but not at the level of crazy conspiracies the Superstonk bros think / thought. A company took a big gamble on Gamestop tanking, and they were caught. They paid a huge price, and it's over. There's still market manipulation going on, there's still trading in dark pools, and the regulators are not able to keep up. But, it's not a crazy conspiracy with everyone trying to screw the little guy. It's big guys all trying to screw each-other, and screwing the little guy if they have a chance, and the regulators are trying and failing to keep up.
  
  Only sorta. I’m not sure how much they are right about the crookedness of the market - it’s just that retail investors are at a severe disadvantage to institutional ones.
  
  What they did do was create a short squeeze for a bunch of folks (rightly) betting that GameStop is overvalued because it’s a shit company with no real path to an increasingly digital market.
  
  Yeah, there are way too many folks who let the hype about an interesting technical trading opportunity go their head, got emotionally invested, and now are confusing it with fundamental analysis.
  
  I disagree with many of your ideas..you are ignoring many positive facts about gamestop.
  
  Employees were treated badly in the past, but go to a store now, it was full like literally full. The guy at the counter was having an a Animated discussion about pokemon with a kid and her mom having a blast.
  
  Nft images are the dumbest use case of a new technology I've ever seen, that being said dismissing nfts as a new technology shows how ignorant you really are to the whole situation this technology will take over many things but it will probably be transparent to you.
  
  Many of the people jumping on the nfts are bad bandwagon sound exactly like dumb internet haters from the 80s and 90s, keep your negativity.
- Don’t worry. The meme stock bros will come up with a new stupid narrative about how this was always part of the plan and how no one actually believed the NFT marketplace was the catalyst for moass. Just trust the plan and keep holding.
  
  Are they still at it? I thought this would have collapsed by now.
  
  Lmao no kidding, after reading your comment I went to google and typed in "reddit crypto gamestop nfts" and the second result was literally a 100% serious post from Superstonks 2 days ago titled "Why Gamestop's NFT Marketplace Closure Is A Great Sign". Forget bitcoin, if you want to get rich just invest in copium instead
Lmao, that's what they spent the meme stonks money on?
- They also bought back a lot of their debt. The company did everything right, except selling anything people want!
  
  Disclosure:I bought and DRSed one share near the height for fun.
Who could have seen this coming?? Who???
I'm surprised that they found yet another new way of making the Superstonk folk look like a delusional cult
- Well, they ticked off a bunch of hedge funds, so I think they were pretty successful. I would never take investing advice from them though.
  
  any good that might have done is, in my eyes, outweighed by all the people that they irresponsibly hyped into gambling away their money when the party was already over
  
  One went bankrupt, many others made bank during the event aswell as during the delusion that followed. I can assure you that big money was the ultimate winner in all of this.
I mean they were coerced into it by people doing pump and dump. They had to.
The only reason you would want an NFT is to make a profit. That's it. That's all the value and perks it had.

Bloody good marketing if you ask me. Right next to the pet rock.
- Everyone knew it was essentially a ponzy scheme. Even the defenders of NFT.
  
  Less ponzi scheme and more shitty hot potato.
Don't let any company which chose to get involved in this blatant scam get exonerated just because they dumped it later. They still tried to pull the scam in the first place, and they only dropped it because they didn't make any money on it, not because it was a scam.

Always remember this.
- Dumped it WAY too late too.
I thought GameStop was gone

52 comments