A Deep Dive into nft.gamestop.com - Part 2: Electric Boogaloo

DD 👨‍🔬

Hi, I’m Troy McClu…err, /u/schismsaints

You might remember me from my reddit hits such as “Why does AutoMod hate everything I do?”, or my most recent post from a couple of days ago.

I wanted to update my previous DD with some recent findings, clearing up a few points as well as expanding on the research I’ve done thus far. As before, you can find the current DD image in multiple formats here at my GitHub repo - https://github.com/schismsaints/GME_NFT

To start, if you aren’t familiar with basic blockchain concepts, my previous post and this one from /u/Dismal-Jellyfish (seriously, it’s well worth a read) will help get you up to speed on the different token types, smart contracts, and other general blockchain concepts.

An Update on GME Tokens

• ERC-20 GameStop.finance scam token - Obvious scam is obvious, but finding this token gave me a link to be able to more conclusively debunk the 69,420,000 ERC-20 token

“The missing link”

• ERC-20 GME GameStop Token - Thanks to several of the commenters on my last post(s), I went through a deeper dive into the ERC-20 GME (‘fake 1337420’ address) token and agree that it is likely a scam.

  • The two most solid pieces of evidence identifying the scam are:

    • 0xfoobar directly disputing its validity

    • More than one address holding the confirmed scam token as well as this one

  • There is one address which has ties to some potentially relevant blockchain companies (Cudo primarily) that had me doubting early on whether it was a scam, but on further research I’ve found a lot of links to Nigeria, Dubai, etc which, while not red flags in and of themselves, certainly don’t line up with GameStop corporate hiring their own domestic blockchain team.

Largest single GME ERC-20 Token holder address

• ERC-20 GME Coin Token - I have identified an external account involved in funding the GME Coin address, but the trail went cold after that. I can’t confirm or deny that it is legitimate at this point; in either event, whoever created it went through more effort to hide their tracks than the other tokens. It does not appear to have been sold/swapped anywhere as of yet.

• ERC-721 GME GameStop Token (“The One and Only”) - I suspect this will be the only one of its kind minted, either as a teaser or POC token for further NFT work.

  • One interesting possibility came to mind that - while not a crypto dividend per-se - could still have some interesting applications to securities exchanges or implications for the MOASS. Caution: Speculation/theorycrafting inbound

    • Consider the scenario involved with shareholder voting, where each shareholder receives a control number on each brokerage where they hold shares. Each control number is associated with the number of shares held at a point in time snapshot.

    • With ERC-721 or ERC-1155, a unique NFT could be minted for each shareholder/control number. The number of shares associated with each NFT could either be held in an external DB or as metadata (a field on the token itself).

    • This would create a public record of the number of shares held by individual shareholders at a point in time and could be updated on an annual basis (or more frequently if desired) in line with shareholder voting standards.

    • This also avoids the ‘crypto dividend’ hangups associated with Overstock as there isn’t any money involved nor is there any way this method could prevent legitimate short selling - it’s merely a public ledger of shares in circulation.

  • Alternatively, if they do a crypto coin dividend instead of a crypto stock dividend like Overstock, presumably they wouldn’t place the same restrictions on selling which was the main point of contention in the Overstock case as I understand it. See below for some reading on Overstock.

    • https://realmoney.thestreet.com/investing/stocks/overstock-is-paying-a-digital-dividend-and-it-gets-really-interesting-now-15037958

    • https://www.irmagazine.com/technology-social-media/how-overstock-used-blockchain-distribute-its-digital-dividend

/u/No-Fox-1400 has a lot of the same thoughts I do in his posts here:

• https://www.reddit.com/r/Superstonk/comments/ofiev4/the_man_with_the_plan/

  • The timeline here including Overstock was an excellent read, but the part I really want to call out is this

This is in line with my thoughts on timing - NFT platform launch on 7/14, announcement of dividend/crypto play on 7/14, and record date for a crypto based dividend on 7/24

• And here: https://www.reddit.com/r/Superstonk/comments/ocvqlp/the_rules_dont_matter/

Recent Activity

/u/clawesome and /u/nuclear-falcon noticed some recent activity on the original smart contract here

https://www.reddit.com/r/Superstonk/comments/ogjbcy/one_of_the_addresses_associated_with_the_gamestop/

I’ve drawn out these relations on the long format diagram, shown below

Adding approving parties/other devs to the owner/approval list

Huge credit to /u/HandyBananaMan for being almost as obsessed with the transaction logs as me and pointing me toward several bread crumbs along the way.

TL:DR; Buy, Hold, Buckle Up. GME Blockchain team hard at work to bring us something mind blowing. I expect that even if a crypto dividend does not materialize, the nft.gamestop.com project will be revolutionary and will function as a large catalyst for price movement regardless of a dividend play.

This is the PNG format of the diagram here for convenience, but the current version is always on my GitHub repo.