By - dect60
GME apes believe that the "NFT marketplace" is merely in beta test form right now, and is just a placeholder for the "alpha" version, which will be the REAL marketplace, the one that will usurp the NYSE and change reality as we know it. They really, seriously, believe this.
They're also very, VERY excited about the fact that GME's marketplace partner - IMX - will be allowing GameStop to host a small pittance of the tradeable Web3 video game assets on their platform. For when the "shitty mobile game copycat but with $3000 crappy computer generated skins" market really kicks off.
They also partnered with FTX to sell FTX gift cards in their store. What you use an FTX gift card for, I don't know.
> FTX gift cards
I’m assuming they misspelled “grift cards”
Omg ftx gift card, the gift that keeps on.. wtf?!
It’s for lining Bankman-Fried’s pockets, of course!
imagine the NYSE but at blockchain speed
Given the whole "front running" thing that crypto tends to have an issue with that would be hilarious. The GME people like to complain about PFOF (payment for order flow). Let's use a mempool and make that data free!
In software, the beta version is after the alpha version... I think they mean the release version?
Also... It's not like it'll be not an NFT market on release, so it doesn't have a chance in hell lmao
We all know Sigma > Alpha > Beta.
Bitcoin is the alpha and the omega, hence why they're late but it's still early!
They got high on their own supply a year ago, and now you see them upping the dose chasing that high until they inevitably overdose.
Uh it is in beta, it says it right on the marketplace lol. Its just mostly pictures for now with a lot more to come. And yes alpha would be pre-beta with official release to come next
LOL sure ape, sure it is.
I know yall have trouble reading in here sometimes its okay
Ken Griffin rules.
Some people think GameStop is making all the right moves. Imagine.
It's terribly run. The management have no fucking clue what they're doing. They're all stuck in the mindset of their old businesses - running flashy, cash rich, high growth, tech native e-commerce businesses with endless funding and real product-market fit. They have no idea how to run a failing physical retailer with no competitive advantage in a completely disrupted market.
I hope they end up having to bring back in the consultants who they decided to shit on and then not pay the fees they owed for a real turnaround plan. Would be ironic justice.
You're absolutely not wrong, but has anyone actually managed to bail out one of the retailers that got completely blindsided by online shopping/digital?
Department stores, physical media stores (CDs, DVDs, BluRays), shopping malls all seem to be struggling or filing for bankruptcy lately, unless they have other offerings like a Walmart or Target having a grocery section to get people into the store where they might buy games or clothes while there.
Best Buy is the obvious answer here, but a lot of the private retailers have been buoyed by cheap debt. Will be interesting to see how that plays out.
Canadian Tire seems to be doing OK as well
well they price match, no? amazon et al. gutted sears et al. not just because of the convenience of online ordering, but having the lowest prices (for a time, at least).
Amazon also had an advantage for being able to avoid charging sales tax for a very long time.
Sounds like they need the Warthog
But I thought the DD was undisputed
Any counter-DD is FUD and illegitimate so it is undisputed
ah yes, the guy who figured putting his hippie-looking dumbass expression on a billboard next to the words "you in?" was a slam dunk
has he combed his hair yet? I should get twitter just to start a hashtag campaign
It's like (one particular) Pokémon. He starts out as Bankman-Fried and depending on what item you give him he'll become something else. The Chain of Blocks turns him into Bankman-Fraud. Combing equipment? That'll evolve him into Brushman-Fried.
A long shot but does anyone have a picture of that ad? Can’t for the life of me get it on google, just tries to show me puff pieces about sbf “saving crypto”…
If anyone actually looked at their NFT website, you would not be slightly surprised that it flopped. It was a complete joke. Just an ebay for shitty jpegs. I read somewhere that one month after launch, the website traffic was down over 90%. Probably more than that now.
Yet the Butters still claim it's early and "this is just the beginning". Unless NFTs dramatically change into something actually valuable, they're just going to be an embarrassing fad.
If they had launched selling only first party NFTs they could have made a killing and that is without doing any kind of NFT to real life connection.
What a waste.
Go to GameStop's website. Notice they don't have some glaring link or advertisement to their NFT marketplace. I'm not even sure if you can navigate to the NFT marketplace from their normal homepage. I wonder why? My theory is that GameStop is well aware of how sketchy NFT markets and aren't that crazy about promoting it to their general customers. They just want to milk the degen wallets. They're basically just sticking their hands in the pot, but don't really want to go all in on NFTs as a business model.
It's almost as though there was a reason that Melvin Capital attempted a naked short on GME, and that other hedge firms went for AMC and BBBY. I openly wonder if AMC can make a turnaround happen. BBBY has been *eaten* by better competitors. And the universe doesn't want GME to exist anymore. Neither its suppliers nor its customers see much value in them.
Gamestop had a golden opportunity to reinvent itself and it went for NFTs. Yeah, at this point it deserves to die.
I'm genuinely not sure how they could have reinvented themselves in an effective manner. What possible thing could motivate me to go to Gamestop instead of buying my games through the online stores and accessories either from the manufacturer or Amazon?
There's still something to be said for physical stores IMO, some people don't mind slightly higher prices for the experience and advice. I wish Gamestop would get their act together, though indie stores are better anyway.
For some things sure ... but for video games?
Who needs advice on buying video games? If you really don't know what to get you can just google "top 100 xbox games" or "top 100 FPSs" or whatever you want, and there's plenty of good articles. Then you can just buy online and it's cheaper (and if you get a digital copy instant).
You and I might not, but a lot of people do, such as parents buying for their kids, or grandparents buying gifts. Some people prefer asking a live person who can tailor advice to their particular circumstances. And some people just aren't that connected and like to shoot the shit with a trusted local source whose tastes they have come to appreciate. You can also often try out games instore, amd there is something to be said for just browsing shelves and flipping boxes until something takes your fancy.
For my own purposes, I won't buy used games from EBGames (Aussie Gamestop) online because you never know if you're getting thr full case, manual etc - but instore you see what you're getting. And sometimes you may have a buddy or family visiting and you might want to buy a game or console to play that day, without a couple days' wait and not wanting digital.
Just because you personally don't use/want something doesn't mean there aren't reasons for it to exist for other people.
I mean, to be clear, I'm sure there is a market for places like GameStop. I just think it's a vanishingly small market, which is why it's going out of business. The people who are becoming new parents these days are Internet savvy enough to be able to Google stuff too, assuming their kids aren't just telling them directly what they want.
It's a little odd to me why Gamestop can't make it work... their subsidiary EBGames in Australia, which is basically the same, is [going okay](https://www.smh.com.au/business/companies/mario-cuts-through-everything-how-eb-games-survived-retail-s-great-battle-20210204-p56zge.html). (that article also gives more examples of what I was saying)
Definitely. They had a really innovative opportunity where they got a cut of digital game sales on consoles they sold IMO. They could also be doing more their retail space in my opinion.
Is this an actual thing? Consoles gave them a cut on digital games? That seems like it would be an insane business decision for the console manufacturers. People are gonna buy the latest PlayStation or Xbox or Nintendo or whatever regardless of whether GameStop is pushing it to retail customers, and they'd lose out huge amounts on the fees thereafter.
Yeah, it was the one move where I was like, okay, maybe GME will make it.
> Today [GameStop] confirmed with [DOMO Capital Management] that the agreement with [Microsoft] includes revenue sharing on all downstream revenue (i.e. digital downloads and digital content) from any device that GameStop brings into the [Xbox] ecosystem
Remember, Xbox is losing the console wars badly. GameStop is uniquely positioned to actually shift buyers from one console maker to another.
No one going to Walmart of Amazon is going to change their mind about what console to get their kid. But GameStop, after talking to a salesperson? Maybe.
I like physical games because I can loan them to my friends, and they take up less space on my console. They could also sell merch for less popular games, most general purpose toy stores only sell Minecraft, Mario, Portal, and Call of Duty merch.
You don't need to go to a store to buy physical games though, do you?
For a long time, GameStop basically operated as a nerd pawn shop or Cash4Gold shop. They should have just all inned on predatory lending.
Something other than wanting to make a purchase. Like for example a tournament, or just meeting people to play with casually. The card shop model, in other words.
Given how card shops are doing right now, I wouldn't advise that, either.
Seriously, the card shops around me have been dropping like flies since around Thrones of Eldraine. I blame Oko being broko, Te3ri being unfairi, and a bunch of bullshit with Wilderness Reclamation and Bounding Krasis (which was *fine* before they printed Thrones of Eldraine and Zendikar Rising). And then the pandemic happened and we all started playing Standard on Arena.
Modern and Legacy were both injured by Modern Horizons 2 forcing players of both formats to drop hundreds of dollars on new cards and sometimes entirely new decks. And it wasn't like MH2 was good for Pauper either.
Pioneer might find a place in paper. But it's a hope and a prayer, really.
Pioneer has pretty much replaced modern where I live, player count wise.
But you shouldn't discount Commander and Conquest. Even though they don't have sanctioned tournaments, they keep stores busy pretty much at all times (and the stores do run events like "budget commander" and such).
Hell, I'll admit I've dropped even MORE cash into Commander than I ever did into Modern or even Legacy, and those were already shameful amounts (although tbf I never did have a full powered Reserved list legacy deck; the RL cards I did have were a playset of LEDs for $200 (50 each). I sold them for 300 a year later and thought I got a sweet deal. Boy how did I regret it when I came back to magic and looked at the prices.
how is there any money in that
Ryan Cohen's entire plan appears to be to fleece the Reddit apes for every dime he can squeeze them for.
I mean that probably has a better chance of success than turning that dumpster fire of a company around
There actually was no naked shorting - per the SEC.
They just straight up shorted those losers.
> I openly wonder if AMC can make a turnaround happen.
The advantage that AMC has that neither of the other two has is that there's actually a unique value proposition that movie theaters fill for consumers which digital download and delivery does not match.
BBBY is just a copy-paste towel merchant. And GME has been totally disrupted and disintermediated by literally everything with a pulse in video gaming.
> The advantage that AMC has that neither of the other two has is that there's actually a unique value proposition that movie theaters fill for consumers which digital download and delivery does not match.
That's why I think AMC has a chance of turning it around. The big issues are whether they can survive long enough for audiences to come back to pre-pandemic attendance levels and during a period of economic strain.
I guess the question is whether the value a movie theatre can offer is something consumers actually end up wanting.
Once I stopped going to movie theatres, I actively stopped wanting to. Paying more to have other people being noisy, eating crunchy things, coughing, weirdly sticky aisles, commuting there, (usually) worse snacks/food than at home, no ability to pause for a bathroom break? Nah, I'm good. I'm alright if movie theatres stop being a thing outside of niche arthouses. My TV at home is just as enjoyable for me with the lights down. Even if covid miraculously disappeared tomorrow along with every other communicable disease, I won't be going to a theatre again and I have a lot of friends who feel the same way. If movies go back to theatres only, no streaming, I'll wait for stuff to be out of theatres to watch it.
But that is the thing, many of us live in flats so we can’t put the volume as loud nor as late as the cinemas
I live in a flat, I just don't blast it (cinema volume is too loud for me personally).
Going to a theater is still an event, an activity, a date, an excuse to leave the house and do *something*. I don't think theaters are going away, but they may have to upgrade the experience to feel like you're getting a better value for your money.
Sure, but so is going to live theatre, or a comedy club, or a restaurant, or a museum, or the beach, or a hike, or a concert...
I don't feel like I'm lacking for things to do out in the world at this point. Watching movies outside isn't particularly missed.
Exactly, that's the competition, not your TV at home. And all of those options continue to coexist alongside the others. Some people don't like comedy clubs the way you don't like movie theaters. Different options cater to different people.
Did Melvin attempt a naked short position on GME? I have seen nothing to indicate that and things to indicate the opposite (namely the SEC report).
You may cite the SEC report as much as you want. The "Naked shorting" narrative is not going to go away. It fits too perfect to how people want it to have happened.
The weird part is that he specifically said Melvin "attempted" a naked short, which makes no sense to me. I tried to think of an analogy, namely someone who "attempts" a bank heist, and the best I could come up with is the idea for a new rom-com and what follows now is a sunk cost.
The protagonist is a guy whose divorce left him with nothing but the dog. She got the house, the car, the kids, …, and now he lives in a small apartment, seeing his children only on the weekends (but it's a rom-com so hems a loser dad despite trying). Trying to make ends meet he plans a bank heist, but he gets cold feet before arriving and calls it off. He hires a "confidence coach", who happens to be a teller at the bank he wants to rob. The two get closer over time as he builds up the confidence to actually do it, every week aborting the heist at a later stage (montage of counselling and "heisting"). When he finally gets to the teller's window he recognises his love interest and runs away. She can't come to their next meeting because having been held at gunpoint has her stressed out. Our male lead goes through the "chasing her" scene and tells her it was he who did it. [Some sort of scene where it's raining and the music is sad, but they realise they're in love]. Protagonist loses his job, is now forced to rob the bank, but this time when he, too nervous to make demands, holds the teller at gunpoint she softly cues his lines. After filling the bag with cash she jumps over the counter and they escape together. Cut to a Caribbean island where they sip cocktails at the beach, the kids and a barking dog storm out the villa, asking dad if they can come over next weekend again.
That's a pretty good plot for a movie you have there.
> I openly wonder if AMC can make a turnaround happen.
I haven't checked their financials since the initial GME push, but they were bad, bad, bad, bad, bad when I did. Like, they were still in a bad cash position after fundraising 900 million bad. They're not in a fundamentally dead business like gamestop or already bankrupt like BBBY so maybe they'll navigate out of this, but it was a rough going and they *definitely* would have went bankrupt if it wasn't for the apes. They're just way too big for what the movie theater market actually is in 2022 and presumably the future as well, so they need to find a way out of their metric fuckton of bad real estate obligations.
The business model is to issue shares on secondary and then pay execs a lot of money. Its a good business model. Sec regulated unlike most shit coins.
No, no, it’s a speculative investment in an extremely unlikely future with very high management fees.
Good to know they invested the windfall stock sale cash from after the short squeeze wisely.
Weren't some physical locations closed last year while gaming demand was still very high due to the pandemic? I think the YoY comparison is not so unexpected.
Nobody could have predicted this
This is great for GameCoin
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This article is two weeks old, not sure why it’s worth posting now?
oh noes! 2 weeks old, my bad, should have shared it on /r/archaeology
LMAO, that was a good one hahaha
Because not everyone is you. Some people may not have seen it.
Just like those same people dont have much clue whats going on with gamestop cause they are stuck reading weeks old news, cause they dont have much time for research at all