GameStop enters the blockchain and NFT market

GameStop has created a division that will work on cryptocurrency and NFTs in video games.
GameStop is back on the agenda with a new topic.

GameStop is launching the NFT and cryptocurrency market this year. According to Wall Street Journal (WSJ) sources, the team for cryptocurrencies and NFTs includes more than 20 employees. The online platform created by retailer GameStop is expected to launch by the end of the year.

GameStop is said to be in partnership talks with various game publishers and developers regarding the created market. NFTs such as avatar outfits, weapons, and other digital collectibles can be traded through this marketplace. The company has also launched an NFT website where people can apply to become creators of NFTs.

GameStop has not yet commented on this information from the WSJ source. However, Reuters states that the company’s shares rose 27% after the news. Given the challenges physical retailers face today, GameStop seems to be shifting its focus to e-commerce.

In June 2021, former Amazon executive Matt Furlong took over as CEO of the company. With Furlong, the number of Amazon-based C-Level people in GameStop increased to 5. Although the latest financial results of GameStop showed an increase in net sales, it also showed a significant loss of 105.4 million dollars year on year.

The company experienced a massive increase in share values of 135% in 1 day in January 2021. This sensational aftermath has garnered attention around the world unintentionally. An SEC (United States Securities and Exchange Commission) investigation was filed against GameStop regarding the matter, but the commission found no evidence of fraudulent behavior or market manipulation.

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