Gamestop falls on Friday amid new NFT initiative

Gamestop (NYSE:GME -7.4%) shares slipped sharply to close the week after hinting at emerging plans for NFTs.

Despite vanquishing their foil in Melvin Capital Management CIO Gabe Plotkin and being scolded by Citadel’s Ken Griffin, the “apes” are not driving their flagship meme stock higher on Friday. In fact, the stock traded on well-below-average volume. For comparison, average trading volume on Friday trended at about 4.4 million in contrast to over 50 million only a week prior.

The lack of trading volume perhaps portends a lack of enthusiasm for the company’s latest NFT initiative, which it first tweeted about in detail after Thursday’s market close.

“Public, permissionless, credibly neutral value layers,” a newly created Gamestop NFT account tweeted. “Power to the players.”

Further details on the NFT push from the company are not available as the website for the project is merely a home page emblazoned with the phrase, “Almost here” and a non-functioning button to “become a creator”.

Shares fell 8% shortly before Friday’s close, adding to an over 50% slide from their late-March peak.

Read more on Ken Griffin’s recent comments about retail trader raids on the late Melvin Capital.

Published By : Seeking Alpha

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