| Author | Source |
|---|---|
| u/schismsaints |
To start, PLEASE take a look at the graphic as it shows the relationships between the GME tokens a lot more clearly than Iâve seen anywhere else so far - GitHub - schismsaints/GME_NFT
Like many, I was intrigued when I heard about GameStop dabbling in NFT - first, through the job postings, then with nft.gamestop.com. I did a brief dive into some of the smart contract details back when it initially came out but recently have gone much further down the rabbit hole.
Iâll summarize some of the juicier bits and provide some speculation as to what it could mean as well as some resources to familiarize yourself with some of the details of blockchain, smart contracts, and tokens, but I have put together a larger graphic in PNG/PDF/SVG formats visualizing some of the connections a little better (fair warning, Iâm an engineer not an artist). I recommend loading it in a full web browser on as large of a monitor as possible. Youâll understand why when you see it.
First, a few key terms/concepts.
Blockchain: In very simplistic terms, think of the blockchain as a ledger/record keeping system where each âblockâ is a record and linked to the previous and next blocks in a chain. The process of adding a new âblockâ involves computing and verifying prior information in the chain to ensure that nothing has been tampered with and that the full history of the chain is intact.
Blockchain Definition: What You Need to Know (investopedia.com)
Fungible: âbeing something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account â (src: dictionary.com)
Token: This is probably the part most people understand, though there are some nuances. There are two types of tokens and a number of differing implementation standards.
Fungible Token - ERC-20: A token that is one of a pool of identical tokens. They can be split, transferred, or exchanged and are commonly used as currencies. Most established mainstream or alt- coins fall into this category.
Non-Fungible Token (NFT) - ERC-721/ERC-1155: A non-fungible token is a unique entity on the blockchain. There are no others exactly like it, and it has its own record of ownership, attributes/metadata, and cannot be substituted for another token identically. CryptoKitties is one of the most popular examples as they basically pioneered the ERC-721 standard. NFT artwork is another recently popularized example of this.
Non-Fungible Kitties!
Smart Contract: A smart contract is a way to automate âstuffâ. That âstuffâ can be any number of tasks but some of the most common ones include creating (minting) or destroying (burning) tokens from an available pool. This can be fungible or non-fungible tokens (or, in the case of ERC-1155, both/either).
Smart Contracts Definition (investopedia.com)
The GME NFT story started in earnest with GameOn Anon, the smart contract address posted at nft.gamestop.com
Power to the Players
0x13374200c29C757FDCc72F15Da98fb94f286d71e
There are a lot of interesting threads from the smart contract, the most well known of which is the âlaunchDateâ variable which equals 04:20 PDT 7/14/21 (come on, that canât not be intentional).
The owner of the smart contract is also interesting.
It owns the only GME ERC-721 token, 420.69 of the GME ERC-20 token, an E t h e r e u m Name Service record (gamestopnft), and the 1337 email signature prefix used for several blockchain constructs.
It also received 0.00001337 E t h e r on 5/25/21 from andrwyng (wut doing Andrew Yang??)
Edit: Not actually Yang - https://mobile.twitter.com/andrwyng?lang=en - thanks /u/No-Information-6100
False alarm, but had me very intrigued when I saw it initially.
There are three GameStop specific tokens they appear to be working with, along with a number (>20) altcoins and other tokens.
GME Coin (ERC-20)Â - Qty 12,000,000
GameStop (ERC-20)Â - Qty 69,420,000
They moved a large amount of this (>50%) to Uniswap which in laymanâs terms can be considered as kind of an escrow/holding/forex account but in the crypto realm. Quite a few have been distributed from here to over 60 different destination addresses.
Yahoo! Finance lists the âImplied Shares Outstandingâ for GME as 69.38M, which is preeeeeetty close to the 69.42M tokens minted here. Could this be used as a shareholder dividend, potentially exchangeable between GameStop and GME Coin/USD?
Gamestop (ERC-721)Â - Qty 1
Possible Business Uses
In-store currency - GME Coin can be used as an in-store currency/reward system
Crypto swap/exchange - Partner with an established cryptocurrency company to facilitate listing and conversion/exchange between stablecoins such as USDC or miscellaneous established coins or altcoins, and GME specific tokens. Use a GME app to manage a crypto wallet and exchange between various tokens/coins/currencies.
NFT Collectibles - i.e. CryptoKitties, Gods Unchained, etc. Facilitate in-person trading (either in-store or via app to app trading) of digital items and collectibles between platforms.
Digital game licensing - revolutionize DRM by hosting a record of your game license on the blockchain
In-game item transfer/entitlement - Imagine if there was a way to trade/sell your CounterStrike skins in-person for cash, or exchange a cool knife skin for a new CryptoKitty
Possible Shareholder Uses
Shareholder record keeping - have a token proving your status as a shareholder
Share/securities record keeping - similar, but for shares. Kind of a stretch but could be a proof of concept for blockchain based trading
Crypto Dividend - Provide GameStop (ERC-20) tokens, even fractional ones, as a shareholder dividend. Allow conversion to USD or GMECoin/USD to cash out. Provide a way to purchase or âauctionâ GameStop tokens and you now have a shareholder perk with monetary value that could appreciate over time.
Hereâs the PDF of the chart/diagram I put together, the github link also has PNG and SVG versions of the image.
GME_NFT/GME_NFT.pdf at main - schismsaints/GME_NFT - GitHub
TL:DR; GME doing crypto stuff. Lots of crypto stuff happening especially in the last week. Crypto stuff has lots of options, most of which will print money.
I like money
Edit: to answer a good point brought up by /u/haydonny1 in the previous thread before I screwed it up with this edit :( - the alt coins could be sent by any random source and arenât concrete proof of anything. I still maintain that the three GME tokens are legitimate and all have ties back to the original Smart Contract either one or two levels removed. I havenât investigated the altcoin sources enough to be able to say whether or not theyâre being worked on by GME at this point.
0x13374200c29C757FDCc72F15Da98fb94f286d71e
Is the address posted on nft.gamestop.com
Owns 69,420.69 GameStop ERC-20 tokens
Owns 2,000,000 GME Coin ERC-20 tokens
0x10B16eEDe03cF73CbF44e4BFFFa3e6BFf36F1Fad
Is the Smart Contract address listed in the source code of the nft.gamestop.com smart contract.
Holds 1 Gamestop ERC-721 token
Holds 420.69 GameStop ERC-20 tokens
Holds gamestopnft.e t h and 1337 ERC-721 tokens
Double Edit: Iâm seeing a lot of debate about the ERC-20 GameStop token and whether itâs related to a scam site (game-coin or something, I think itâs been pulled down and I canât find an archive now). At this point after digging multiple levels deep, Iâm seeing a lot of conflicting information in the transaction logs and Uniswap destinations and I canât definitively say whether itâs a scam or legit. Iâm working on updating the graphic and will include a disclaimer, though I do still want to keep it in the picture until we can definitively rule it in or out.
Big thanks to /u/HandyBananaMan, /u/Peteszahh, /u/EngineeringDude2017 and others for their discussion and links to other resources. I have more work to do.
Iâd hope it should go without saying, but donât buy a GME token on something thatâs not a GME app :)