GameStop shares rose 30% after it was announced that a department of over 20 people had been launched to work in an NFT marketplace. GameStop will also seek out cryptocurrency partnerships to help boost the market.
The Wall Street Journal reported that sources familiar with the plans said that GameStop would launch an NFT marketplace and establish cryptocurrency partnerships. GameStop first announced a foray into NFTs in May 2021.
The development, which was said to have been happening a long time before a website launched last year, puts an end to the many people who have invested in the stock since 2020. Given the meme status of the GME stock has achieved, it would not be surprising to see that the NFT market and all related NFTs are doing well.
The company has reportedly hired more than 20 people to build the NFT marketplace. It appears that it will also ask video game publishers to list NFT marketplaces, with a launch date slated for later this year. It was only a matter of hours before the stock soared by 30%.
Such a move would give NFTs a boost and shed more light on what is already quite considerable. Those who have invested in GameStop, following a massive push from Reddit, will likely be the first to hit the market, but it could have a big reach outside of that circle as well.
The popularity of NFTs does not seem to be fading as the new year launches. Video game publishers have been the latest to consider NFTs, though it has drawn some ire from users. Still, it seems like NFTs are here to stay following an excellent 2021.
The strong performance of NFTs in 2021 was so clearly evident, with space headlines appearing every day. But the numbers themselves further justify this performance.
The NFT market brought in over $40 billion in 2021, which is phenomenal by any standard. While some have criticized NFTs for being nothing more than a fad, the funds entering the market appear to challenge that assumption.
In addition, several established institutions, brands and franchises have also expressed interest in the technology. Sports teams have turned to NFT to allow fans exclusive access and features, while brands are using it to increase engagement. Companies like Sotheby’s and Christie’s have already made sales through NFT, and they don’t seem to be losing interest.
