- NYSE: GME fell 4.24% during Thursday’s trading session.
- An immutable X indicates that the NFT marketplace may be closer than we think.
- GameStop shares have not yet shown a recovery from the announcement of the stock split.
NYSE: GME expanded its decline on Thursday as video game retailers and lead memes inventories fell by almost 10% early in the session. GME shares fell 4.24%, closing the trading day at $ 150. It was another wild day in the market as all three major indices started the session bright red, but Closing Bell was able to return to the positive territory. The Dow Jones added 87 basis points, the S & P 500 rose 0.43%, and NASDAQ rose 0.06%, marking two consecutive losing sessions on the winning day.
One of GameStop’s key catalysts for ongoing digital transformation is the long-awaited NFT marketplace. The marketplace was co-developed with blockchain company Immutable X, and the project has been a mystery so far, but the co-founder of Immutable X recently released some details. Robbie Ferguson recently tweeted that four new Immutable X NFT marketplaces will be launched in the next 8-12 weeks. No one at GameStop has confirmed anything, but the internet is bustling with rumors that one of them is the GameStop Marketplace.
GME Stock News
A stock split is usually the reason investors are excited about stocks, even if they don’t change the intrinsic value of the company. GameStop’s share has now declined by more than 10% since the split was announced, which could be due to unannounced details. GameStop is seeking approval to increase its outstanding shares from 300 million to 1 billion, but the exact ratio and timing have not been disclosed. Perhaps then the stock price will rise.