GameStop Shares Up on News of Crypto Division

GameStop saw its stock prices rise in late-night trading and still on Friday morning (Jan 7) following news that video game retailer, meme stocks, and Reddit’s cult favorite was hiring a team for a new division of cryptocurrencies and non-fungible tokens (NFT). according to various media reports.

The news prompted after-hours traders to push GME’s price up 26% to $ 162.48 at approximately 8:30 p.m. ET on Thursday (Jan 6), with an opening price on Friday (Jan 7). January) from $ 157.59 at 9:30 AM. am

The retailer began working in an NFT market in May, and in October it was announcing open positions for software engineers and product marketers with Web3 and NFT experience.

See also: GameStop Seeks NFT Content Creators for Its Market

GameStop has so far hired more than 20 people to run the division, which will buy, sell and trade virtual video game products such as avatar clothing, accessories and weapons, sources told The Wall Street Journal.

GameStop will ask certain game developers and publishers to list NFTs in their markets when everything launches later in 2022, the sources said.

The company is said to be establishing partnerships with the industry and is likely to close two collaboration deals with cryptocurrency firms soon. The partnerships are expected to involve technology sharing, joint ventures in blockchain development and NFT games, and brainstorming additional NFT projects.

Sources told the news outlet that GameStop anticipates that it will sign partnership agreements with 12 or more cryptocurrency firms and invest “tens of millions of dollars in them this year.”

Read more: GameStop opens opportunities NFT, Web3

Headquartered in Grapevine, Texas, GameStop was mired in losses for many years before an unexpected stock market frenzy that emerged from viral social media posts on Reddit recalibrated its business trajectory. The company has revamped its leadership and operations team and looks to the future and stays on top of what’s next.

GameStop is one of many companies trying to play NFT markets. Earlier this week, OpenSea raised $ 300 million in venture capital with a valuation of $ 13.3 billion. GameStop’s valuation is nearly $ 10 billion.

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