GameStop, the American video game and electronics company, will launch a new division dedicated to non-fungible tokens (NFT) and partnerships with crypto companies, according to the Wall Street Journal, this past Thursday (06).
GameStop will venture into this "hot spot" in an effort to turn around its core business of video games. In the report, it states that GameStop is developing an online hub for video game NFT trading. This is likely to include items such as clothing and weapons for use in various games. The company hired more than 20 people to manage the unit.
Several game developers and publishers have been contacted by the company to list NFTs in the new market when it launches later this year, although no date has been officially announced.
At the beginning of last September, there were already rumors that GameStop was working on an Ethereum-based NFT platform, and there was also speculation about a tie-up with a tier 2 decentralized exchange, Loopring, but nothing has been confirmed yet. .
Outside of NFTs, GameStop is also pursuing crypto partnerships and has already signed agreements with two companies to share technology and invest in game development blockchain and NFT. The companies, however, were not disclosed, but the gaming company still hopes to partner with at least a dozen more similar crypto companies later this year and invest “tens of millions of dollars” in them.
GameStop has increased efforts to turn around its business after years of losses. During a videoconference with analysts last month, company CEO Matt Furlong said they believed the long-term emphasis was positioning the company to build what will become a much larger business.
With the news of entering the world of NFT and cryptography, the GameStop shares rose nearly 30% in after-hours trading, according to MarketWatch.
