Only In Crypto: A Croissant Breaks Down How GameStop & NFTs Will Boost Ethereum
02 September 2021 - 8:00PM
NEWSBTC
On a strong bullish momentum, Ethereum records a 17% profit in the
past week trading north of its levels before May’s crash. At the
time of writing, ETH stands at $3,782 with a 6.7% profit in the
daily chart. The second cryptocurrency by market cap has been
outperforming Bitcoin. The price of BTC seems stuck in the $48,000
to $52,000 range and, should it sustain these levels, ETH could
continue to benefit in the short term. Investment firm Delphi
Digital claimed that ETH has broken out of a “Multi-year long-term
wedge”, as seen in the chart below. Since funding rates across
derivates are low, the firm expects Ethereum to push further into
its previous all-time highs. Pseudonym analyst CroissantETH has
found evidence that suggests a potential new bullish catalyzer
event for Ethereum. This theory is supported by GameStop (GME)
launching their NFT platform back in July 2021. GameStop and AME
Entertainment (AMC) were the companies that saw a massive rise in
their stocks’ prices as a large inflow of retail investors bought
it in 2020. Now, GameStop is trying to preserve its newly acquired
value. They are trying to become the “Amazon of Gaming”. Therefore,
why the company is integrating Ethereum based NFTs. The Croissant
expects that GME will “onboard millions of users to the network
this way”. The analyst added: Even more interestingly though, is
just how seriously they are taking this next step… As said by the
Principal Engineer of GameStop, they are aiming to become the
“bridge between the old and the new — traditional “legacy”
ecommerce and the next generation of blockchain.” To achieve its
goal, GameStop has hired “highly skilled smart contract
developers”, such as a SushiSwap contributor “foobar”. The company
could use a non-custodial solution called Hodlberg Financial,
user-friendly and low cost in terms of transaction fees. Hodlberg
Financial. Hodlberg is a non custodial solution which allows users
to attest cryptocurrency wallet balances into a single, convenient
token. It can also save tons on gas costs via message signing This
design could be particularly useful for GameStop… 👀
pic.twitter.com/KVjtIImwR7 — croissant (@CroissantEth) September 1,
2021 GameStop Turns To Ethereum To Evolve At the high of the GME
and AME mania, the most useful platform to trade these stocks,
RobinHood, restricted users from buying and selling them. The
Croissant believes that GameStop has turned to Ethereum due to that
incident. The company knows its shareholder-based, young people
with a potential taste for cryptocurrencies and digital assets, and
it’s trying to harvest that as part of its strategy. This is why it
has been consolidating partnerships with Hasbro, Xbox, and possibly
e-sports teams. The new advancements in the ENS sector with the
integration of DNS, the Croissant said, will bring more corporate
adoption of NFTS. Therefore, it will create a new opportunity for
GameStop and Ethereum: (…) the result of what I’ve described &
the opportunities it creates are endless. It’ll bring millions of
eyes to $ETH with even big companies being able to easily deploy
their intellectual property in a verifiable, *understandable*
manner. This is huge. The gaming industry, as proven by the Axie
Infinity case, could greatly benefit from NFTs, digital ownership,
and the play-to-earn model. NFTs could be the answer for content
creators, and for consumers, and a powerful bridge for Ethereum to
enter the mainstream: (…) you all can tell that GameStop is
preparing to take the gaming industry by storm with NFTs on $ETH.
Both the gaming and blockchain ecosystems go hand in hand, and they
are not the only ones who see it coming. Related Reading | New To
Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
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