As the crypto world continues to feel the shockwaves of the recent SEC announcement, GameStop has dropped a proposal for NFTs that are definitely linked to securities. Effectively, tabling an idea that will see its backers issued dividends for shares in the company as Non-Fungible Tokens.
It’s been an eventful 2 years for the gaming company that refuses to die, as it continues to bounce back from its inadvertent demolition of several hedge funds. Despite recently parting ways with its Web3 promoting CEO, it seems that its NFT division will continue full steam ahead. As a result, the new proposal could potentially link the company structure intrinsically to blockchain technology.
In a letter to the SEC, six key shareholders have indicated a desire for dividends to be issued as NFTs, on a basis of 1 per share. A move that would mark a first for the industry and greatly increase awareness in GameStop’s recent pivot into the highly competitive NFT market.
GameStop on the Rise Despite the Gloomy Market
Following a year of development during the glory days of NFT trading, GameStop finally launched its marketplace in 2022, just in time for Crypto Winter. Despite this however, it has managed to carve out a steady business by partnering with Immutable X and focusing on the gaming asset side of operations.
It most recent high-profile collaboration saw the platform partner with the eagerly awaited Illuvium gaming franchise. Effectively, allowing it to promote and distribute its NFT collections through the platform’s trading hub.
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