🎮📺 GameStop + NFT/Crypto = Recipe for Success
Happy Hump Day everyone!
Hope you all had a wonderful week, I met up with some Solana NFT people over the weekend to discuss… buying digital art, and also watched a lot of sports.
This week I wanted to talk about innovation, with reference to our favorite video game retailer: GameStop, who is in the news this week because they are making investments towards NFT and Crypto gaming. GameStop taking necessary steps to set them up better for the future of gaming is something we’ve seen them refuse to do in the past.
Our friends over at Blockbuster know a little thing or two about being indifferent to change. Back when movies were beginning to be streamed online at home without the need of going to a physical location to find a movie, Blockbuster had multiple chances to get in front and get ahead of the streaming movement. Most notoriously, in 2000, Netflix came to them asking to be bought out and Blockbuster famously said no. GameStop was essentially in the same position (games were being moved online without the need for a physical video game store) and they were all but tapped out until Wall St Bets saved them from going under last January.
Our world is ever-changing because of technology and winners in every facet of life (business, sports, etc) need to be constantly innovating or they risk being left behind. The MLB and the NBA have become increasingly reliant on analytics and algorithms. Those in the workforce need to be constantly improving upon their skills or they risk losing their jobs to someone younger, cheaper and more skilled.
Let GameStop and Blockbuster be metaphors in your life for this week moving forward. Embrace change! Don’t fight it and always look for ways to stay ahead.
Enjoy this week’s Hump Days,
-Humphrey & Rickie
In the Markets
Weekly News Roundup
GameStop Entering NFT and Cryptocurrency Markets as Part of Turnaround Plan (WSJ)
GameStop has hired more than 20 people to work on building an online hub for buying, selling and trading NFTs of virtual video game goods. They are also close to signing partnerships with two crypto companies to develop games that use blockchain and NFT technology.
HY: Can’t be a bad thing, if anything it will push their limits and we can see if they can grow beyond their old core business model.
Jamie Dimon Sees Best Economic Growth in Decades Coming in 2022, 4 Fed Rate Hikes This Year (CNBC)
Dimon, CEO of J.P. Morgan, said his confidence in the U.S. economy stems from the robust balance sheet of the American consumer. The average American is spending 25% more today than pre-Covid and is better equipped to service their debt than ever recorded.
HY: There isn’t a consensus on how short term interest rate hikes will impact assets, whether it will cause them to severely decline or just simply weather the storm… We shall see.
Experts Cast Doubts Over “Deltacron” Variant (CNBC)
Over the weekend, news broke of a new combination variant of the Delta variant and the Omicron variant, appropriately named Deltacron. However, many experts have cast doubt over the findings and have pointed more towards a lab error than a new variant.
RH: Good thing it’s an error. Hopefully, this is the slow beginning of the end. Check up on your Canadian friends. I hear its pretty bad up there..
HY: Another instance where you should do your own research and go beyond the headlines! A lot of misinformation out there… :/