In Brief:
- GameStop wants to develop a marketplace for non-fungible tokens.
- Grapevine, Texas-based GameStop has hired more than 20 people to help build an online marketplace.
GameStop wants to develop a marketplace for non-fungible tokens, or NFT, the retailer’s stock jumped more than 22% in extended trading on Thursday.
GameStop Corp. is launching a division to develop NFT marketplace and establish cryptocurrency partnerships, according to people familiar with its plans, pushing the company into much-hyped areas as it tries to turn around its core video game business, reported The Wall Street Journal.
GameStop is undertaking a makeover, with Chairman Ryan Cohen bringing in executives from firms like Amazon.com Inc to shift the company’s focus away from brick-and-mortar and toward e-commerce.
The retailer has hired more than 20 people to run the unit which is building an online hub for buying, selling, and trading NFTs of virtual video game collectibles such as avatar outfits and weapons, according to the WSJ report. The company also intends to work with game developers and publishers to list NFTs on its marketplace, which will include everything from avatar clothing to weapons.
Last year, the company was at the vanguard of the “meme” stock trading frenzy, in which retail investors pumped up stocks on news site Reddit and brokerage site Robinhood, causing several hedge funds to lose money.
