Gaming and entertainment products retailer GameStop Corp. (GME) in Grapevine, Tex., entered the limelight in January last year as one of the top meme stocks. GME garnered retail investor attention due to its high short interest volume, triggering a massive buying spree. The stock’s price gained in triple digits during early 2021, pioneering meme investing. However, GME has since lost momentum, given its poor financials and growth prospects amid a bearish market. Shares of GME have slumped 46.1% over the past year and 10.2% year-to-date.
On May 23, GME launched its self-custodial Ethereum digital asset wallet that allows users to exchange and store cryptocurrencies and non-fungible tokens (NFTs) across decentralized apps. GME’s wallet extension will enable gamers and other users to send, receive and store cryptocurrencies without leaving their web browsers. Also, the company’s NFT marketplace is set to be launched in the current quarter.
