News that GameStop is planning to launch a non-fungible token (NFT) division has sent shares of the video game giant surging by 30%. The consumer electronics and gaming merchandise retailer announced that it currently has a 20-person department working on an NFT marketplace. Furthermore, GameStop stated that it is also seeking to establish crypto partnerships.
According to GameStop, its planned NFT marketplace will launch later this year. In addition, the company suggested that it will also ask video game publishers to list NFT marketplaces.
GameStop’s first foray into NFTs came back in the early half of 2021. Then, the company published a website that included new NFT-centric job postings. Now, this current development comes as a culmination to GameStop’s investors from as far back as 2020. Given how well the gaming retailer’s stocks performed early last year, as a meme stock, one cannot bet against GameStop’s stocks again.
The rise in NFT popularity has seen various mainstream segments adopt the phenomenon and leverage its offerings. The video gaming space is the latest to tap into NFTs, as evidenced in a slew of emerging projects. However, some hardcore gaming enthusiasts have been critical of the approach that gaming publishers use.
The NFT market generated more than $40 billion last year and appears to pick up from where it left off in 2022.
Image Credits: Pixabay
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