GameStop Stock Rises 20% After News It Creates an NFT Market


GameStop is entering the NFT sector by creating a marketplace for non-fungible tokens.

The Wall Street Journal originally broke the news but since then, multiple sources familiar with the matter have spoken to other agencies. According to a source who spoke to CNBC, GameStop’s plan is to establish a cryptocurrency partnership to “make games and items for the marketplace.” This market, currently accept the request to be a creator, will focus on virtual gaming items such as cosmetics and weapons.

It looks like the company has hired people with blockchain and crypto backgrounds in the past few months and now has over two dozen employees on the team.

On news of the move into the sector, the company’s shares jumped 20%.

For those unfamiliar with NFTs, they are non-interchangeable units of data that can be used to represent easily reproducible items such as sounds, memes, photos, and technical file types. Others. This technology provides digital creators with proof of ownership when stored using a blockchain like a digital ledger. It works in a similar way to cryptocurrencies like Bitcoin, the difference being that each NFT can represent a different asset along with a different value.

The largest market in the burgeoning space is OpenSea, currently valued at $13.3 billion.

Recently, Ubisoft announced its own NFT platform called Quartz, and the first game to use it will be Ghost Recon Breakpoint. The new platform will allow users to acquire NFTs called Digits that will be released as part of Limited Editions, each of which includes a fixed number of cosmetic items.

The fable master Peter Molyneux is also joining the trend. Come back in DecemberMolyneux announced the company’s next game 22 Cans, Legacy, which will use blockchain and require players to purchase NFTs in an enterprise simulation game environment.

Square Enix has expressed interest in NFT, while others such as Microsoft and Valve doesn’t seem too interested in emerging technology. GameStop Stock Rises 20% After News It Creates an NFT Market

Fry Electronics Team

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