GameStop trades higher as buzz starts to build over NFT marketplace potential

May 19, 2022 12:21 PM ETGameStop Corp. (GME)By: Clark Schultz, SA News Editor32 Comments

NFT Futuristic Background

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GameStop Corp. (NYSE:GME) carved out a 3.45% gain in Thursday morning trading to cut into its YTD loss of more than 30%.

The retailer is not due to report earnings until the early part of June, but did make a cryptic tweet (gm!) on Thursday from its GameStopNFT account. It was the first and only tweet from the GameStopNFT Twitter account.

There has been some buzz that GameStop (GME) will launch the NFT-focused marketplace faster than anticipated. The marketplace for in-game assets is being built on Immutable X, a platform based on the Ethereum cryptocurrency blockchain with a goal to have low gas fees (transaction costs). Some analysts think GameStop (GME) has a chance to re-invent itself as a NFT gaming leader.

In news tangentially connected to GME, Melvin Capital announced on Wednesday that it will close down its funds. Melvin Capital never recovered from its short position being exposed in the massive rally in GameStop (GME) in the early part of last year.

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