GME extended its recent win streak to five straight sessions as the stock looks to erase most of the gains it saw from its post-split selloff.
On Tuesday, shares of GME added a further 3.05% and closed the trading day at $35.84. The rocky start to August continued for stocks as all three major indices closed in the red for the second consecutive day.
Overall, the Dow Jones dropped lower by 402 basis points, while the S&P 500 and the NASDAQ fell by 0.67% and 0.16% respectively during the session.
GameStop’s new NFT Marketplace was supposed to be a turning point in the company’s ongoing digital transformation. The launch came on the heels of the GameStop crypto and NFT non-custodial wallet earlier this year. But with the ongoing crypto winter, NFT sales have seen a major pullback as of late.
Over the weekend, it was reported that GameStop saw its worst day of revenues yet since the marketplace opened for business. For the entire weekend, the marketplace brought in a total of less than $4700 in profit for the company.
While it is still early days, GameStop investors may be concerned that the move into Web3 isn’t going as smoothly as initially thought.