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GameStop Shares Surge After News of NFT Market Launch

GameStop shares fly 20% after news spread of plans to launch a market for non-fungible tokens

GameStop shares jumped after news that the video game company plans to create a market for non-fungible or repeatable tokens (NFTs), sending its stock up 6% in afternoon trade, and during the best of the trading round, the stock rose by more than 20% during the day, so that the shares had risen by 7% during 2022, but it is still more than 60% less than the highest value recorded during the past 52 weeks.

Planning for the new market began months ago, according to the sources. GameStop is planning crypto partnerships to create games and market items, and the company has been discreetly hiring talent in blockchain and cryptocurrency and now has more than 24 members on its team.

Non-fungible tokens use technology that allows authenticating the ownership of digital objects on the blockchain, typically Ethereum, and these tokens have been one of the most exciting areas in the tech sector over the past year, with OpenSea’s assessment, the most popular non-fungible token market, to $13.3 billion by investors. Read more [The Best and The Worst During The Past Year 2021] and [The Top Three 2021 Crypto Trends – End of The Year].

The GameStop Market will focus on virtual video game merchandise such as character clothing and weapons.

The company’s stock ended 2021 up by 687% after a year of strong trading. Read more [GameStop shares rise 23%, driven by pressure on the shares for the second day in a row], but some investors were disappointed by the lack of concrete plans to move to e-commerce, which led by the investment activist and co-founder of The Chewy Corporation “Ryan Cohen”.

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