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Editor's Note: Below is a quick flashback on our long Gamestop (GME) research call from our Retail analysts Brian McGough and Jeremy McLean. McLean highlighted Gamestop's potential NFT play on 5/7/21 at $161.11. It's now at $242.56. Today Gamestop unveiled its new NFT platform and is up +16% from the open on the recent news. We are also pleased to announce our new Sector Pro Product Retail Pro. Click HERE for further in-depth retail research. |
WHAT MCLean WROTE ON 5/7/21
Other companies on our long list we think might get into this space include GameStop, Nike, and Adidas. We wouldn’t be surprised to see RH participate in the space as well with its RH Art business. Gamestop isn’t historically a content generator, but you maybe be surprised to know that about half of the NFT market has been in gaming content, and virtual land (otherwise known as Metaverses).
Perhaps Ryan Cohen et al have some kind of plan for an entry into NFT content. For the sneaker companies, digital sneakers have been sold as NFTs by some little-known creators, and Nike filed for a patent called ‘Cryptokicks’ but has yet to reveal what that is. We suspect to see more in the fashion and design realm flocking towards NFTs.
As the chart of the day below shows, (according to nonfungible.com) NFT transaction volume in 2020 was $251mm, that number became $2bn in just 1Q of 2021. With the buzz around the space, it may sound bubbly, and perhaps it is. But we think NFTs have the potential to be a real value-creating channel for consumer content generators for a long time, including for recognizable public companies.
What Mclean tweeted today
https://twitter.com/HedgeyeRetailJM/status/1397662902711197698
https://twitter.com/HedgeyeRetailJM/status/1397663729551134723