Shares of GameStop stock rose 30% when it announced that it has launched a 20+ person division to work on the NFT market. Gamestop will also seek cryptocurrency partnerships to help boost the market.
The Wall Street Journal reported that sources familiar with the plans said that GameStop will launch an NFT marketplace and establish a cryptocurrency partnership. GameStop first announced its entry into the NFT in May 2021.
The growth, which was rumored to happen long before a website launched last year, has taken off for many who have invested in the stock since 2020. Given the meme status that GME stock has achieved, that won’t be the case. It is surprising to see the good performance of NFT Marketplace and any related NFTs.
The company has reportedly hired over 20 people to build the NFT marketplace. It appears it will also be asking video game publishers to list the NFT Marketplace, with a launch date set for later this year. It’s only a matter of hours before the stock is up 30%.
Such a move would give a huge boost to NFTs and attract more attention to it, which is already substantial. Those who have invested in Gamestop following the massive Reddit push will likely be the first to take to the market, but it could have a huge reach outside that circle as well.
The popularity of NFTs does not seem to be diminishing as the new year begins. Video game publishers have been the latest to consider NFTs, though it has drawn some anger from users. Still, it looks like NFTs are here to follow up with an excellent 2021.
The strong performance of NFTs in 2021 was so clearly evident, with headlines making the rounds every day. But the numbers themselves make for an even stronger position for that performance.
The NFT market brought in over $40 billion in 2021, which is unprecedented by any standards. While some have criticized NFTs for being nothing more than a fad, funds entering the market challenge that notion.
In addition, several established institutions, brands and franchises have also shown interest in the technology. Sports teams have resorted to NFTs to allow fans exclusive access and features, while brands are using it to drive engagement. The likes of Sotheby’s and Christie’s have already made sales through NFTs, and they don’t seem to be losing interest in it.