Ryan Cohen Thrusts GME Stock Into the Spotlight With New GameStop App Announcement

Shares of GameStop (NYSE:GME) are in the green today after the video game retailer recently rolled out an updated version of its app on the Apple (NASDAQ:AAPL) App Store. GameStop’s new app includes a new home page, an updated loyalty program experience and an improved online ordering process. GME stock Chairman Ryan Cohen tweeted out the update this morning.

GameStop (GME) video game and electronics store logo sign in Bay Terrace, Queens, NY.
Source: quietbits / Shutterstock.com

In the app, GameStop highlights its PowerUp Rewards Pro subscription. This allows users to “get up to $150 in annual value for just $14.99/year.” Pro members will also receive exclusive discounts, such as a $5 monthly award and early access to console drops, graphic cards, collectibles and more. Furthermore, Pro members will receive 2% back on GameStop purchases in the form of points. Those points can then be converted to store credit.

However, Android users will have to wait. The updated app is not yet available on Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) Google Play Store.

GME Stock Investors Anticipate NFT Update

In addition, fans of GameStop are anticipating further non-fungible token (NFT) updates. However, an update was not provided with the release of the app. Earlier this month, GameStop teamed up with Immutable X (CCC:IMX-USD) to create an NFT marketplace. Immutable X is the first layer-2 protocol for NFTs on the Ethereum (CCC:ETH-USD) blockchain. The GameStop NFT marketplace will allow developers to create “in-game, carbon-neutral economies” where users can buy, sell and trade game assets in the form of NFTs. As part of the collaboration, GameStop and Immutable X will create a $100 million fund. The fund will be dedicated to developers and studios who build on Immutable X and the GameStop NFT marketplace.

High gas fees plague fans of NFTs, and Immutable X is working to solve that. The Australian-based crypto firm will enable developers to have “high transactions rates and zero gas fees.” By building on Immutable X, GameStop seeks to enter the NFT industry without the burden of high fees.

Indeed, Immutable X’s cofounder, Robbie Ferguson, commented, “GameStop’s NFT marketplace will bring the power of an insanely strong community to its over 50 million users and every developer that launches on it, and our technology will make it faster, easier, and more affordable to do so — while being 100% carbon-neutral.”

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/02/ryan-cohen-thrusts-gme-stock-into-the-spotlight-with-new-gamestop-app-announcement/.

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