A man walks in front GameStop at 6th Avenue on February 25, 2021 in New York (John Smith/VIEWpress via Getty Images)
NFT

GameStop is Building an NFT Empire

GameStop in 2022 isn’t just about its stock price. The company is making moves on its promise to build a better NFT marketplace.

Following the meme stock boom of 2021, GameStop ($GME) is ready to start building its NFT brand as evidenced by some recent trademark filings from its parent company.

GME Entertainment filed for three trademarks with the US Patent and Trademark Office: “GameStop NFT,” GameStop NFT imagery, and a GameStop Wallet logo, as noted by attorney Josh Gerben of Gerben Intellectual Property. The paperwork was filed in Texas via Patricia L. Werner, an attorney at Kelley Drye & Warren.

Here’s are the logos that GME Entertainment wants to trademark:

These trademark filings come after GameStop announced last week its partnership with blockchain platform Immutable X to build a dynamic NFT marketplace and launch a $100 million development fund to support game designers. The company’s protocols will be “powering GameStop’s upcoming NFT marketplace with security, speed, 100% carbon neutrality, and zero gas fee,” an official announcement posted to social media stated.

Immutable X also closed a $200 million Series C funding round earlier this month, bumping the company’s valuation up to $2.5 billion.

But GameStop’s partnership with Immutable X is only one of many that will fuel its NFT marketplace. The retailer inked a multi-year strategic partnership with Microsoft in October 2020; however, it is unclear if and how the tech giant will factor into the blockchain plans. And on March 23, GameStop unveiled its integration with Loopring, which will foster the company’s security and sustainability goals.

And let’s just say GameStop’s stock price is sitting pretty as of late. The gaming retailer’s stock has been going up in the past two weeks after reaching a new 52-week low of $77.58 on March 14. The stock jumped 15% after the Loopring announcements and does not appear to be slowing down.

The stock price for GameStop Corporation ($GME) as of 4:49 p.m. on Monday, March 28

But why is GameStop stock on the rise?

One reason could be that short sellers are repurchasing their shares. GameStop also released its fourth-quarter earnings report on March 17, showing that it generated net sales of $2.2 billion to close 2021.

The most recent filings indicate that what comes next will take the retailer into Web3. Regardless of how it’s gotten here, GameStop is prepared for a whole new future.

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