GameStop shares increase on NFT and Crypto plans

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GameStop shares jumped nearly 30% after trading hours on Thursday. Justin Sullivan / Getty Images

GameStop shares surged after trading hours on Thursday as the company’s cryptocurrency and non-fungible token plans began to take shape.

The video game retailer is creating a division for cryptocurrency partnerships, while creating an NFT marketplace, according to a person familiar with the matter. The Wall Street Journal first reported on GameStops’ latest cryptocurrency efforts.

Shares of GameStop (ticker: GME) climbed 29% to $ 169.49 in after-hours trading, almost erasing a recent drop in the past month. The news seems to have at least temporarily woken up trading in stocks from even last year. Shares of cinema operator AMC Entertainment (AMC) rose 12% at the end of the session.

GameStops’ crypto plans have been in the works for months, the person said, adding that the company has retained top crypto advisers to support its efforts while adding at least 20 members to its blockchain and crypto team. The company’s management team believe there is an opportunity for such efforts as more players turn to cryptocurrencies to purchase NFTs and new gaming experiences.

For months, Reddit users have been speculating that GameStop is considering launching something with decentralized finance company Loopring, which backs the LRC token. The person confirmed that GameStop explored an acquisition, but said the retailer ultimately pulled out of the talks due to logistics issues with Looprings’ operations in China.

A representative from Loopring was not immediately available for comment.

Write to Connor Smith at [email protected]

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