GameStop Releases NFT Collection Of ‘Game Informer’ Covers
Image Source: GO Banking Rates
In a controversial move, GameStop decided to release NFT covers of the Game Informer magazine. For those unfamiliar, NFT stands for non-fungible token. It works a bit like cryptocurrency except each NFT has its own distinct value. One bitcoin is of equal value to every other bitcoin, but NFTs are more complicated. Think of trading Pokémon or baseball cards. Some people prefer Pikachu. Others would give anything for a Mewtwo. The whole point is to convert the physical property into digital to speed up the trading process.
GameStop has seen little success in the NFT market, but pushed on with its decision to release four Game Informer NFT magazine covers created by artists CYBERCREWNFT, MaxxMarshallArt, and torfxnft. The reactions on Twitter are largely negative. One former employee of the magazine, Lianna Ruppert, considers the move to be a betrayal by GameStop. At the time she worked for the magazine, the staff was in large part against NFTs. She finishes the Tweet by calling GameStop predatory and urging them to focus more on the actual site and the people behind them. Are NFTs the future or just another get-rich-quick scheme? With this decision, GameStop is hedging its bets towards a future of cryptocurrency and a digital marketplace.
Image Source: Gaming Bolt
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Source(s): Shack News, Liana Ruppert, The Verge