In what seems like a never-ending barrage of NFT and crypto news, game retailer GameStop has announced that it’s investing more seriously in NFT sales.
As reported by The Wall Street Journal, the retailer is looking to expand its presence in the world of NFTs by establishing a “marketplace” for players. Within the marketplace, players would be able to buy, sell, or trade NFTs, particularly those associated with in-game items and trinkets. GameStop already has its own NFT website, appropriately called GameStop NFT, which is made for creators who want to sell their work as NFTs. The new marketplace would likely be a much larger and more public expansion of this existing site, according to Nintendo Life. It’s expected to launch later this year and GameStop is hiring staff to focus only on this endeavor.
While the public may not be enthused about so many popular gaming companies diving wholesale into NFTs and blockchain technologies, GameStop’s investors clearly celebrated the move. After the company announced its intent, its stock jumped 27 percent. GameStop’s stock was previously mired in controversy in early 2021 when its value was artificially driven up by tech-savvy investors who considered it a “meme stock.”
GameStop isn’t the only company to put many of its fortunes into NFTs. Game developers like EA, Ubisoft, and Square Enix have already thrown their hats into the cryptocurrency ring, hoping for a cut of the astronomical fortunes that many are making in the space. Gamers have made their voices heard on the subject, however, and many aren’t pleased. After announcing their entry into the NFT space, Sega has backed off on its plans, saying that it’s taking fan reactions and opinions into consideration.