- GameStop Shares rose in extended trading Thursday after The Wall Street Journal reported the company is creating a marketplace for non-fungible tokens, or NFTs.
- The reports suggest that GameStop, which has been at the center of a retail trade frenzy, will expand into one of the most hyped areas in technology.
Video game retailer GameStop is launching a new department to give gamers a way to purchase NFTs and create partnerships with cryptocurrencies. The idea is sure to increase interest in the company by many of its most dedicated customers.
GameStop has refused to comment on the news. The Wall Street Journal was the first to report it, with sources indicating
GameStop is undergoing a major change of direction, with Chairman Ryan Cohen bringing in executives from Amazon to focus on selling products online rather than just in-store.
GameStop shares surge after entering to NFT space
According to the Wall Street Journal, the company is now preparing to launch a marketplace for NFTs, with only select game developers and publishers allowed to list their items.
NFTs are a form of digital currency that exists on the blockchain, which is a public ledger for transactions. This ledger can be used to verify the authenticity and ownership of any NFT.
NFT’s are growing in popularity throughout the world. Popular examples include avatar outfits and weapons, which have given rise to a new industry of online trading & selling platforms. One retailer interviewed by Bloomberg said that they have already hired more than 20 employees to handle the unit.
GameStop’s NFT website was launched last year and they are now inviting new members
The company has been a major player in the “meme” stock trading market which saw a lot of attention from investors over a very short time frame. They were able to take advantage of traffic from Redditors and retail stock traders on Robinhood, leaving some big hedge funds with losses.