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- GameStop, a video game retailer, has now entered the NFT space, and a division is being formed by the organization for the development of the marketplace.
- Over 20 persons have been recruited by GameStop for monitoring the unit responsible for the development of an NFT trading hub.
- There’s been a surge in the share prices of GameStop in response to the announcement.
GameStop is the new entrant in the Non Fungible Tokens sector. As per a new agency, a separate unit is being formed for the development of the NFT marketplace and have joined hands with the other cryptocurrency organizations.
GameStop’s NFT Marketplace
As per the story published by a news agency, over 20 people are already recruited by the organization for keeping a watch on the unit, having the accountability for the development of an online hub for selling and purchasing as well as for the trade of NFTs associated with the digital artifacts of the video game such as weaponry and dresses of avatar.
GameStop is also nearing to close a deal with a couple of startups to interchange technology and to co-invest in the development of games based on Non fungible tokens and blockchain. As per the report, strategies are being made by the store to get into alike deals with many cryptocurrency startups in 2022, where millions of dollars will be invested by GameStop.
The leadership team, as well as the directors’ board, was also restructured by GameStop the previous year, with Ryan Cohen, an activist investor, as the board’s chairman. Resulting the GameStop to concentrate more on technologies.
GameStop Price Surged Following the Announcement
In January 2021, stocks of GameStop got a bull run as the shares were started to be bought by stock traders of Reddit. In the beginning, trading started at $18, which escalated to $483 after a year. Many investigations of federal agencies, as well as congressional hearings, were held due to the extraordinary volatility of the prices.
Shares of GameStop were trending at $131.03 at the time of this writing after reaching the day’s high of $137.7 on Thursday.
GameStop shares surged significantly after the news was released, what seems like another short squeeze, which would be good news for the longs that have seen the falling prices of the shares.
Some of the greatest players in the gaming sector, including Square Enix Holdings Co., Zynga Inc., and Ubisoft Entertainment, have already begun or are strategizing to begin the sales of NFTs in recent weeks. However, some of the players and leaders in the sector have reservations regarding the values of non fungible tokens and the encouragement of their devs.
By entering the NFT and the crypto sector while it is still being developed and in its initial days, GameStop is hoping to grab the opportunities offered by the sector that can prove valuable in the future. GameStop had also entered video game streaming but abandoned the move. Streaming and downloading are becoming mainstream in the gaming sector.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
