GameStop reportedly set to launch Crypto and NFT division

[ad_1]

From games to NFTs. Photo: John Smith / VIEWpress (Getty Images)

It’s not just game companies like Square Enix and Ubisoft that are getting into NFTs. Game retailer GameStop would, too. According to the Wall Street Journal, the Texas-based company is launching its own crypto division, with the intention of creating an online NFT marketplace and entering into cryptocurrency collaborations.

Kotaku reached out to GameStop for comment, but did not receive a response until publication.

The report says GameStop has recruited twenty new hires to develop the new online marketplace, where people can buy, sell and trade NFTs and in-game virtual items. Sources tell the WSJ that the market is expected to launch in late 2022. and that gaming companies are invited to offer their NFTs through this new online hub. This new market, it seems, would compete with OpenSea, the NFT market which now has a valuation of $ 13.3 billion.

Not everyone who sells games is so inclined to embrace the crypto and NFT trend. For example, Value’s Steam platform has already banned games that feature cryptocurrencies and NFTs.

WSJ adds that GameStop is also preparing to partner with two cryptocurrency companies. The deals would also better position the game retailer to invest in games with crypto functionality. Sources say that this year alone, GameStop is looking to strike a dozen or more partnerships and invest tens of millions of dollars.

Previously, GameStop had launched an NFT site with the slogan “Change The Game”.

GameStop’s business model has been hit hard by the boom in digital downloads. Income is down and stores are closing. But the stock market seemed to like the idea of ​​GameStop going into the crypto business. Reuters reports that its shares rose 27% on Thursday. The headline, as CNBC notes, is still down 59% from its January 2021 peak, as GameStop suddenly turned into a “meme stock” fiasco, prompting a Department of Justice investigation. Justice.

[ad_2]