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GameStop Shares Add to Rally After Reports of NFT Marketplace -Breaking

by Mike Robinson

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© Reuters

GameStop shares reached an all-time high of $160.29 on Friday morning trading. They currently stand at $141.70, up 8.8%. After the news, they rose on Thursday night.

report from the Wall Street JournalOn Thursday night, the company announced that it would create a new division in order to establish partnerships and a market for non-fungible tokens.

The article states that the retailer hired more than 20 employees to manage the division. This marketplace is an online platform for trading, buying and selling NFTs of videogame products.

GameStop may also be asking game publishers and developers to include NFTs in its new marketplace.

Bloomberg quoted Serkan Toto from Tokyo, an analyst for the gaming industry stated that he doubts GameStop will be able to make it by itself. The company definitely needs partners to compete with the likes of OpenSea and get video game companies to cooperate.” OpenSea, an NFT marketplace, recently raised $300 million in venture funding, for a valuation of $13.3 billion, according to CoinDesk.

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