Only In Crypto: A Croissant Breaks Down How GameStop & NFTs Will Boost Ethereum

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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.

ETH on a rally in the daily chart. Source: ETHUSD Tradingview

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.

Source: Delphi Digital via Twitter

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.

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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