Shares of GameStop stock increased by 30% after it announced it had launched a 20+ person department to work on an NFT marketplace. GameStop will also seek cryptocurrency partnerships to help boost the marketplace.
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 rumored to be happening for a long time before a website was launched last year, brings closure to the many who have invested in the stock since 2020. Given the meme status that the GME stock has achieved, it would not be surprising to see the NFT marketplace and any related NFTs do 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 make for a big boost for NFTs and bring more of a spotlight on it, which is quite considerable already. Those who have invested in GameStop, following a massive Reddit push, will likely be the first to take to the marketplace, but it could have a great reach outside 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 headlines on the space appearing every day. But the numbers themselves make for an even stronger case for that 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.
Furthermore, several established institutions, brands, and franchises have also shown interest in the technology. Sports teams have taken to NFTs to allow fans exclusive access and features, while brands are using it to increase engagement. The likes of Sotheby’s and Christie’s have already made sales via NFTs, and it doesn’t look like they are losing interest in it.