GameStop Will Enter The NFT Markets In Latest Turnaround Move

GameStop will enter the NFT market by launching a new division dedicated to non-fungible tokens and crypto partnerships so lets’ find out more in our latest cryptocurrency news.

The Wall Street Journal confirmed the development stating that the company is getting into the NFT space in an effort to turn around the core video game business. Citing people familiar with the matter, the report added that GameStop will enter the NFT market by developing an online hub for video game NFT trading and it will include items like outfits and weapons for use in various games. The company even hired more than 20 people to run the unit.

A few game developers and publishers were contracted by the company to list NFTs on the new market when it launches later this year. However, there was no date specified. The reports show that GameStop will be working on an Ethereum-based NFT platform and there was also speculation about the tie-up with layer 2 exchange Loopring but nothing has been confirmed so far. GameStop Is also seeking crypto partnerships and signed a few deals with tech companies in order to enter the blockchain and NFT space. The unnamed source said the company is expected to partner with dozens of crypto companies this year and invest tens of millions of dollars in them.

The company increased its efforts to turn the business around after years of losses. During the earnings call with the analysts, company CEO Matt Furlong said:

“We believe our emphasis on the long term is positioning us to build what will ultimately become a much larger business.”

GameStop was also the main event of the meme stock trading frenzy a year ago where retail investors hyped the stocks on a Reddit group. The shares of the company surged and cranked about 30% in hours according to MarketWatch. The massive move sent GME soaring from $130 to $174 before the stocks prices reiterated to $160. GameStop shares were on a downward slide since November when they hit $250. GME hit an all-time high below $350 during the trading frenzy In January.

As recently reported, GameStop unveiled a new website for its NFT marketplace which now features a Nintendo Gameboy-style gaming console that has the Ethereum logo alongside a message calling for recruits to work on the platform. Since the company held its cards close to the chest, it listed a total of 8 jobs for crypto-friendly candidates including roles for experienced software engineers for NFT, three jobs for product marketers, and two with roles focused on Web3 based gaming.