Shashank Nayar, Medha Singh

(Reuters) – GameStop Corp (NYSE): The video retailer increased its market for non-fungible tokens (NFTs), as well as partnering with cryptocurrency firms, which boosted premarket trading by 17.5% and lifted other meme stock.

GameStop shares languished for some time, much like many other meme stocks. Retail investors have dwindled interest in the stock. It was the collective effort of these individuals, who used online forums such Reddit and other platforms to promote the stocks and harm bearish hedge funds that led to massive stock gains in the early part 2021.

According to media reports, GameStop has begun to build an online trading hub to trade NFTs in virtual game collectibles. It is also close to signing partnerships to develop blockchain- and NFT-based games with two cryptocurrency companies.

NFTs are a way to keep track of ownership and digital assets using blockchain. Many people were baffled by the amount of money being spent on goods that did not exist.

Other stocks favored by small-time investors – Koss Corp and Bed Bath & Beyond (NASDAQ:) – rose 4.5% and 2.2%, respectively, while AMC Entertainment (NYSE:) Holdings Inc advanced 5%.

In recent months the highly volatile cryptocurrency assets have plummeted. Bitcoin fell to $42,218.84 in less than three months after hitting a record $69,000 high in November. This is 38% lower than its all-time high of $69,000.

The Ether currency, which was used to purchase NFTs has fallen to $3,225.79. Its levels were last observed in October.

Mirabaud analyst Neil Campling explained that meme stocks can be considered speculative and not fundamental. Too much exposure to cryptos could affect the financial statements of companies.”

Wisekey International Holding in Switzerland was another gainer after the announcement of plans to launch an NFT out of space.