Hypothesis alert! Come take a dive with me on how the nft.gamestop.com blockchain ecosystem could operate.
Hello r/Superstonk, Jellyfish here with you! I would like to change it up a little bit with all the dismal posts and switch focus to the excitement of the future and what could be.
Remember this is all guesswork, speculation, and a hypothesis at best from me.
This post was inspired by reading this thread from pastry on Twitter. I would like to borrow a couple of those concepts and dive into how the pieces could fit into the interconnected and operable GameStop ecosystem being worked up for nft.gamestop.com.
Again, this is all me speculating, and I am completely prepared to be completely wrong when GameStop really does announce what is happening. With that said, let's take a look:
Please look past my shitty ability to make graphics, I hope this information conveys!
GameStop will utilize Ethereum as the backbone of the ecosystem they are working to build, which will be driven by smart contracts and the scaling solutions they are working to put in place.
Remember, Smart Contracts automatically executes code once specific terms have been met. They first started as programmable money but are decentralized digital legos capable of lending, borrowing, swapping, and much more to come.
NFTs
Unique tokens that can be used by creators to tokenize a wide range of content (not just art).
According to a report by decentralized app marketplace DappRadar, the average number of NFT sales rose almost 300%, from 21,815 per day in January, to 82,373 in May (so far). This number rose even higher as crypto prices started to plummet on May 12, with sales surging to almost 94,000 NFT transactions a day.
- NFT space appears to cool down, yet in-depth numbers say the opposite; the number of sales and the daily average of unique active wallets spiked 111.46% and 151.89% respectively from the previous quarter.
- Axie Infinity attracts more than 4,700 daily unique wallets increasing usage by 360.61% quarter-on-quarter; play-to earn-games might be the key to mass adoption.
https://dappradar.com/blog/dapp-industry-report-q2-2021-overview
Based on the latest sales, those NFTs that provide owners with an added value or utility appear to be gaining steam. Virtual pieces of land and NFTs that unlock DeFi capabilities are becoming rapidly appreciated. The ceiling for metaverses, play-to-earn games, and the gamification of DeFi, or GameFi, is higher than ever.
While the sales volume appears to fall down, both, the number of sales, and the number of unique wallets suggest otherwise. In comparison to Q1, the number of sales spiked by 111.46%, while the daily average of unique wallets increased by 151.86% as well. Reaching more people is the path to mass adoption. Play-to-earn games, led by Axie Infinity are a key driver on this surge. With more than 62,000 unique wallets in the last 30 days, it appears that a wider, more mainstream audience has finally arrived.
With the surge of blockchains that enable faster and cheaper transactions, decentralized games can be upgraded by financial features to create unique ecosystems. GameFi combines the traits of DeFi, games, and NFT to create an entertaining option to generate passive income. Moreover, GameFi dapps allow players to get full control of their in-game assets so they can be utilized in different manners.
NOTE: THIS IS NOT A RECOMMENDATION OR ENDORSEMENT OF THESE PROJECTS, MEANT STRICTLY FOR INFORMATIONAL PURPOSES ABOUT NFTs
DeFi
DeFi has exploded but in GameStop’s case, I think it might be leveraged for flexibility and its non-custodial nature. With DeFi, GameStop can become its own bank and cut out costly middlemen for transactions in its ecosystem.
How it is today
How it can be
This opens up the possibility of P2P loans, complex programmed loans, & a faster & more fair process, in general, The top 5 banks in the US control $3.7T worth of lending
Insurance
The insurance market is based on trust management. GameStop's blockchain can take this in a new direction by managing trust & can be used to verify any type of data in a contract. With Ethereum and its solutions, GameStop can act as an unbiased insurer in any number of products they wish to explore: extended warranties, travel insurance for e-sport gaming events, etc. All of this is possible since GameStop is now in the position to be its own bank.
Voting
Voting on anything requires the authentication of voters’ identity, secure record-keeping to track votes, & trusted tallies to determine the winner. Votes can be captured as transactions on the blockchain, and GameStop and voters would have an immutable and verifiable audit trail.
Metaverse
NFTs on Ethereum will power a universe beyond our own like the Oasis in Ready Player One.
Virtual reality technology will power an augmented reality of virtual space and tokenized in-app purchases. Examples in the space today that could interact with what GameStop is building due to interoperability. NOTE: THIS IS NOT A RECOMMENDATION OR ENDORSEMENT OF THESE PROJECTS, MEANT STRICTLY FOR INFORMATIONAL PURPOSES ABOUT THE METAVERSE.
https://axieinfinity.com/
https://decentraland.org/
https://isotile.com/
https://www.cryptovoxels.com/
Supply Chain
With Ethereum and GameStop's solution, transactions can be stored in a permanent decentralized record that is monitored securely and transparently. This can greatly reduce time delays and human mistakes. It can also be used to monitor costs, labor, & even waste/emissions at every point of GameStop's supply chains.
Decentralized Autonomous Organizations (DAOs)
DAOs are entities made up of any number of individuals who maintain the group’s decisions in a distributed manner. Individuals can use tokens to vote and propose ideas they want for the protocol. I wouldn’t be surprised if GameStop goes this route for governance. As a side note, I do see DAO’s as the future of r/Superstonk for fairly and transparently kicking ass.
In theory, GameStop could allow for this entire ecosystem to be governed via a DAO. GameStop's DAO could own the smart contracts and assets of this ecosystem, with voting rights granted to DAO members.
DAO stands for "Decentralized Autonomous Organization". In my example, GameStop's DAO owns the smart contracts and assets that make up the GME Metaverse. It would also own a purse of GameCoin which allows it to be truly autonomous as well as subsidize various operations and initiatives throughout the GME Metaverse.
In this scenario, the gaming community will propose and vote on policy updates, future NFT auctions, whitelisting of NFT contracts to be allowed inside the Metaverse or NFT Marketplace, Marketplace integrations, and whatever the community deems relevant. Voting takes place on the GameStop DAO's governance interface, powered by Ethereum.
What kinds of things could be voted on?
- Upgrading to add more features and protocol upgrades.
- Specifics and dates of future NFT auctions.
- Size of marketplace fees, which are always in GameCoin.
- Primary sale fees, which are always in GameCoin.
- Allocation of GameCoin grants to development efforts.
ICO's
Initial Coin Offerings “ICO’s” can change the way we think about how video games are financed. ICO’s for proposed titles occur globally & online, which allows an exponentially higher number of investors, all while governance and control are maintained transparently and effectively by the DAO for the project. Can you imagine the revenue GameStop can generate for facilitating this development model?
I do think the industry will be interested as all of these items are already why Ethereum already has the attention of developers around the world.
Ethereum is attracting the world’s developers. Since Q3 2019, it has gained more than 300 developers per month, with GameStop entering the fray with Jordan Holberg @eviljordan, Matt FinΞstonΞ | @finestonematt, j@Cyberhorsey
As you can see, just by making the jump into the NFT space, GameStop has positioned itself to disrupt other industries as well!
And this is before any excitement about a crypto dividend or crypto shares. Buckle up!
TL:DR - GameStop is building a money printing press that will disrupt more than just gaming.
