GameStop shares rise after report it would create an NFT market
GameStop shares rose more than 22% in expanded trading Thursday after the Wall Street Journal reported that the retailer plans to create a marketplace for non-fungible tokens, often referred to as NFTs.
GameStop also plans to form cryptocurrency partnerships to create games and items for the market, according to the report, which quoted people familiar with the matter.
The report suggests that GameStop, which has been at the center of a retail frenzy, will expand into one of the most hyped tech sectors. OpenSea, the most famous NFT marketplace, was recently valued at $ 13.3 billion by investors.
NFTs are a type of technology that makes it possible to store proof of ownership of digital goods on a blockchain, often Etherium. NFT prices have risen in recent months, fueled by cryptocurrency holders’ enthusiasm for the technology’s potential.
GameStop’s marketplace will focus on virtual video toys like character outfits and weapons, according to the report.
GameStop did not immediately respond to a request for comment. At its closing price on Thursday, GameStop stock is down over 59% from its high in January 2021.