Thursday evening, GameStop’s shares soared on news that it is establishing an NFT and cryptocurrency marketplace with partner game creators and publishers.
A 20-person team is working on the online marketplace, which would provide in-game commodities as supply-limited, cryptographically signed NFTs, according to The Wall Street Journal. According to the Journal’s sources, GameStop is also planning to spend “tens of millions of dollars” in crypto-related businesses, including blockchain-based games.
After a six-week decline, GameStop shares rose substantially in after-hours trading immediately after the announcement. The stock had risen over 30% in less than an hour after the market closed, evoking memories of the January “meme stock” spikes.
This isn’t the first indication of GameStop’s NFT ambitions. A team of “outstanding programmers (solidity, react, python), designers, gamers, marketers, and community leaders” was sought for “GameStop NFT” back in May. Those imprecise ambitions were also discussed in previous earnings calls. But the Journal article is the clearest indication yet of GameStop’s near-term aspirations to become a hub for in-game NFTs for the industry.
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