GameStop shares are set for double-digit gains Friday after news that the videogame retailer is planning to create a marketplace for nonfungible token, or NFTs.

Premarket, the speculative stock soared by more than 16%. The shares are now down almost 12% from their 52 week high, and more than 70% below the 2022 peak.

The Wall Street Journal reportedThursday, after GameStop made the announcement about its possible move to the NFT market. CNBC was informed by a source familiar with the matter that the plan has been in place for several months.

The source also stated that GameStop is looking to partner with cryptocurrency companies to produce games and other items for the marketplace.

Adam Hollander (NFT investor, creator of “Hungry Wolves”) NFT collection, said that GameStop was in an unusual position. I believe GameStop is in a good position to take advantage of the fact that hundreds of million of video game players don’t know GameStop.

According to a source, more than 20 people are currently on the company’s team.

These NFTs use technology to store proof of ownership on blockchains. This sector has become one of technology’s most popular. OpenSea was the first NFT marketplace. valued at $13.3 billion by investors.

According to the WSJ, GameStop will be selling virtual goods like character costumes and weapons on its marketplace.

Retail traders joined Reddit’s WallStretBets forum in January 2021 to raise their bids. GameStopShares of’s were heavily shorted by hedge funds. Retail buying was initiated massive short covering among hedge funds that fueled the rally even further.

Following a year’s wild trading, the stock finished 2021 with a 687 percent gain. Investors were dissatisfied by its lack of concrete plans to transition to e-commerce. This is being led by activist investor. Chewy co-founder Ryan Cohen.

— CNBC’s Frank Holland contributed reporting.