- GameStop has been accused of breaking New York labor regulations.
- A Dallas suburb, Grapevine is the headquarters of the world’s biggest video game retailer.
NFT trend, according to some, is slowly fading, but others think it’s just a correction, and it is here for the long run. GameStop Corp. is based in the United States, a video game, consumer electronics, and gaming products store. A Dallas suburb, Grapevine is the headquarters of the world’s biggest video game retailer.
Riding the Bandwagon
The faltering business model of GameStop is getting a new wing. NFTs are becoming a part of the company’s strategy. People thought GameStop would be the last place to sell NFTs. It only made sense for the video game retail chain to follow Square Enix and Ubisoft onto the blockchain and NFT bandwagon.
An Ethereum-based cryptocurrency platform dubbed Immutable X is implemented into GameStop’s NFT marketplace so that NFTs can be sold cheaply. Last month, Robbie Ferguson, the co-founder of Immutable X, said that it might debut four to eight weeks earlier, putting the date between June 1 and June 30.
While GameStop was mired in a labor dispute, this revelation came to light. GameStop has been accused of breaking New York labor regulations by a former employee who has launched a class-action lawsuit against the corporation. As required by New York Labor Law Section 191, because 25 percent of their employment entails manual and physical labor, the complaint argues that GameStop compensated him and other employees every two weeks rather than weekly.
Melvin Capital, a company with a tenuous connection to GME, stated that it would be closing its fund on Wednesday. In the wake of GameStop’s tremendous surge, Melvin Capital could not recoup from its short position.