Most traders consider GameStop to be a meme stock because its price gyrations are not dictated by conventional metrics, such as earnings or industry market share.
According to The Wall Street Journal, GameStop is building an “online hub” to buy, sell, and trade NFTs for select game developers and publishers.
According to DappRadar, a store for decentralized applications, trading in NFTs on various online platforms skyrocketed to $22 billion last year from $100 million in 2020.
That’ll subside in coming years and NFTs will settle into something more akin to today’s modern art market, where consensus on value is more solid,” George Monaghan, analyst at research firm GlobalData told The Guardian last year.