With its new non-fungible token (NFT) marketplace, GameStop’s (NYSE:GME) turnaround plan is coming to fruition. The company has gone from a brick-and-mortar video game retailer to a force within the Web 3.0 and blockchain niches. This isn’t a surprising turn; while physical stores have fallen drastically out of consumer favor, the blockchain world has exploded in popularity — so much so that dozens of companies are trying to break into it. And one of these companies, Robinhood (NASDAQ:HOOD), just had a key player stolen from them by GameStop NFT.
After a year and a half of impatient waiting, the finale of GameStop’s aggressive reorganization campaign is here. This campaign is a result of Chairman Ryan Cohen, brought into the company to lead the initiative after GME stock saw its massive retail frenzy in early 2021.
Cohen drew massive hype among GME stock owners by promising a completely new GameStop. However, these investors had no idea what shape the company would take. By first aggressively tapering GameStop’s debt, Cohen helped to boost the fundamental value of the company. Then, after going nearly completely silent, rumors began swirling about the flashy new project that would help bring GameStop back to the cutting edge: its NFT platform.
The company formally announced its pursuit of Web 3.0 technologies in early February with its Immutable X (IMX-USD) partnership. In March, it confirmed its approaching NFT marketplace launch. And earlier this month, the public rollout of the product began.
There’s plenty of immediate success to show for the platform, with GameStop processing over $7 million in transactions across the marketplace in its first week. There’s also plenty of controversy as GameStop fails to keep offensive content off of this platform. And the company is stirring up chatter once again as it poaches talent from Robinhood.
GameStop Hires Robinhood Web 3.0 Lead to VP Role
GameStop isn’t going to slow down with its NFT marketplace. Rather, the site is only the beginning of a harder push into the nascent world of Web 3.0. It’s a trailblazer in this space, alongside tech companies like Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) and Meta (NASDAQ:META). And being a trailblazer, the company is getting pretty cutthroat with its competitors.
That is proving especially true today as it comes to light that GameStop is poaching a Robinhood employee. However, this isn’t just any Robinhood employee. GameStop is hiring the e-trading platform’s Web 3.0 and blockchain project lead, Sriram Bhargav.
Bhargav, as of this month, is now serving as GameStop NFT’s VP of engineering, according to his LinkedIn profile update. The hiring is huge, considering Bhargav’s role in Robinhood’s massive blockchain push. As a project lead at the company, he headed the creation of the company’s blockchain infrastructure. Bhargav’s name is also tied to the hugely anticipated Web 3.0 wallet set to release this year.
Bringing Bhargav into such a major role is great for GameStop, considering its promise to continue innovating in the blockchain space. While it hasn’t made explicitly known its plans for future projects, one can assume that Ryan Cohen still has plenty of tricks left up his sleeve.
On the date of publication, Brenden Rearick 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.