GME Stock Forecast: GameStop sinks as investors sell the post-split cooldown

NYSE:GME fell by 5.03% during Monday’s trading session.
GameStop’s NFT Marketplace made some negative headlines this weekend.
The Marketplace did see $7.5 million of transactions in its first week.

Stocks Reporter FXStreet

NYSE:GME investors look like they had some buyer’s remorse on Monday, as the stock tumbled following Friday’s 4 for 1 stock split. Shares of GME sank by 5.03% to start the week and closed the trading session at $33.98. The markets were mixed on Monday as investors paused ahead of big tech earnings later this week as well as another Fed rate hike expected on Wednesday. The Dow Jones inched higher by 90 basis points, the S&P 500 posted a small gain of 0.13%, while the NASDAQ closed lower by 0.43% during the session.

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GameStop’s new NFT Marketplace was in the headlines over the weekend, but it wasn't anything positive. The company was under fire for selling an NFT that depicted a famous image of a man falling from the Twin Towers during the 9/11 terrorist attack. In the NFT in question, the man has been replaced by an astronaut, although the similarities between the two images are impossible to ignore. GameStop has since taken the NFT off the site, despite allegedly being minted 25 times already and selling for a price of 0.65 ETH.

Gamestop stock price

It’s not all bad news for GameStop’s newest site though. Despite having a fairly limited supply of initial NFTs, GameStop has already recorded $7.5 million in transactions during its first week of operations. This means that GameStop only made about $169,000 in fees for those transactions. While it isn’t much, investors are optimistic that once the NFT market emerges on the other side of this crypto winter, that this revenue will be much higher than it is today.

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Stocks Reporter

FXStreet

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