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GME Stock Price: Gamestop remains unchanged despite as NFT hype dissipates

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.

Stocks Reporter FXStreet

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.

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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.

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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.

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