According to a Wall Street Journal article from January 6, GameStop is forming a section that will focus on non-fungible tokens (NFTs) and cryptocurrency partnerships. The US-based video game store has reportedly employed 20 individuals to work in the new division, which will develop a GameStop NFT marketplace. Additionally, a website has been set up where creators can request to participate in GameStop’s NFT marketplace.
The video game shop has already felt the internet culture’s impact on business.
Last January, GameStop’s stock skyrocketed after Reddit stock traders bought the shares. The stock began trading at $18 in 2021 and reached a high of $483 a year later. Multiple congressional hearings and federal agency probes were held due to the unprecedented volatility. The stock of GameStop ended at $131 on Thursday but has already risen to $172 in after-hours trading.
An NFT is a blockchain-based system for determining digital asset ownership. NFTs have begun to be integrated into video games by video game firms. In December 2021, Ubisoft became the first big gaming maker to do so. On the other hand, Gamers are suspicious of new ways to monetize the games they play, and there are environmental concerns about the technology.
Steam, an online video game retailer, recently announced that games that employ NFTs and bitcoin are no longer available on their site. GameStop is the first big video game shop to announce NFT and bitcoin publicly.
A request for comment from GameStop was not immediately returned.