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- GameStop NFT marketplace generates healthy revenue.
- Company shares reached their year’s high in August 2022.
- GME stock was trading at the market price of $23.37 in the pre-market.
ImmutableX Partnership Showing Results
Meme-stock craze has ended and it appears like it is not going to reappear anytime soon. But the entertainment industry is unpredictable as anything interesting can pop at the time we are least expecting it. Gamestop (NYSE: GME) recently generated $5 Million from its NFT platform. But GME stock has remained in a bearish trend since October’s end.
The company launched their official NFT marketplace in partnership with ImmutableX in October 2022. They initially announced the release during the beginning of 2022 and tested the beta version before officially rolling out for the mainstream users.
GameStop remained on a volatile path this year, offering high profits as well as damages to the investors. GME stock was trading below $20 during the end of Q3 2022, but saw a steep surge in price following the news regarding the company’s share split in April 2022. The share skyrocketed to gain over 225% to reach $47 in the month.
The share price left the position in a short time span and shed almost half of its value by mid-May. The company announced the beta version of their NFT marketplace in June 2022, which pushed the GME stock price to around $35 level. August 2022 saw investors acquiring meme-stock at an increasing pace, which helped the company to hit this year’s high.
GME Stock traded at $48 during the month but witnessed a sharp fall and maintained a support of $25 level till August 2022’s end. GME stock went through a massive breakdown in the next month where it maintained a support near $20.
GME stock was trading at the market value of $23.11 at the time of publication, down by over 8% in the past 24 hours. Looking at the previous patterns, it appears like the company shares are looking for a steep rise in the coming months. But there’s no upcoming development from GameStop, which reduces the possibility to witness any sharp surge soon.
As the world’s largest gaming retail company, GameStop may taste some profits concerning the anticipated growth in the gaming industry. Experts believe that the sector may grow to become a $285 Billion market by 2027. Mobile gaming plays an important role here as the number of gamers in this space are rising continuously.
Reason for the rise remains the recent trend to bring major games like Call of Duty: Warzone, Battlefield, Tom Clancy’s Rainbow Six and more to mobile platform. Apart from this, rising interest in the NFTs can help attract more investors from the space to acquire GME stock.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
