- NYSE:GME traded flat during Monday’s trading session.
- GameStop officially announced Immutable as its NFT Marketplace partner.
- Retail traders still have faith in Chairman Ryan Cohen’s turn around plan.
NYSE:GME usually sees its stock pop after good news, but on Monday shares remain unchanged. This could be yet another sign that the meme stock movement has passed the company by, as GameStop only saw about half of its normal daily trading volume during Monday’s session. It was also a bearish start to the week for the markets as the S&P 500 and NASDAQ both closed the day in the red as big tech weakness weighed on the indices. The Dow Jones managed to eke out a small gain, adding just 1.39 basis points to its price.
Stay up to speed with hot stocks' news!
Last week, GameStop finally announced a partner for the NFT Marketplace that it has been developing. The company is teaming up with Immutable, an Ethereum-based, layer 2 protocol with the appeal of having zero gas fees for any of its transactions. The two sides are launching a fund worth $100 million that will provide grants and other funding to NFT creators, as well as other developers looking to work in the space. While no official launch date has been announced, it is a long-awaited digital transformation for GameStop that will see it begin to distance itself from brick and mortar retail.
GME stock news
Do retail traders still have faith in what Chairman Ryan Cohen will be able to do with the company? Immutable co-founder Robbie Ferguson revealed that NFTs and the new marketplace is part of Cohen’s long-term vision for the company. Cohen has plenty of experience taking businesses digital as he established the online pet supply retailer Chewy (NYSE:CHWY) before coming over to GameStop. Shares of GameStop are down by 33% so far in 2022, so retail traders could be losing patience over how long the digital transformation is taking to accomplish.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD trims some gains, recedes to 1.1350
Despite losing some upside momentium, EUR/USD keeps the firm tone around the mid-1.1300s on Thursday, buoyed by renewed US Dollar weakness as investors grappled with the continued stalemate in US–China trade negotiations.
GBP/USD puts the 1.3300 level to the test
GBP/USD hovers around the 1.3300 area on Thursday, supported by a broad rebound in risk-sensitive assets, renewed weakness in the Greenback and lingering uncertainty over US–China trade talks.
Gold sticks to the bullish stance near $3,330
On Thursday, gold regained lost ground after two consecutive days of declines, with XAU/USD climbing back toward $3,300 per troy ounce following an earlier rally to roughly $3,370. The metal drew safe-haven buying as renewed fears of a US–China trade flare-up weighed on broader markets.
Bitcoin Price corrects as increased profit-taking offsets positive market sentiment
Bitcoin (BTC) is facing a slight correction, trading around $92,000 at the time of writing on Thursday after rallying 8.55% so far this week. Institutional demand remained strong as US spot Exchange Traded Funds (ETFs) recorded an inflow of $916.91 million on Wednesday.
Five fundamentals for the week: Traders confront the trade war, important surveys, key Fed speech Premium
Will the US strike a trade deal with Japan? That would be positive progress. However, recent developments are not that positive, and there's only one certainty: headlines will dominate markets. Fresh US economic data is also of interest.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.