GameStop Will Be Launching Its Own NFT Marketplace Later This Year

Yet another video game company has decided that they want a piece of the cryptocurrency pie as GameStop is reportedly launching its own NFT and cryptocurrency marketplace. The controversial gaming retailer has yet to announce the plans, although people familiar with the project have already confirmed the fact to Wall Street Journal.

According to the Wall Street Journal, GameStop’s decision to enter the much-hyped cryptocurrency market is part of the company’s efforts to turn its struggling video game business around. The company has reportedly hired 20 people to work on the online platform which will allow users to buy, sell, and trade NFTs and virtual goods, including avatar outfits, cosmetic items, and weapons among others.

The Journal’s sources also confirm that GameStop has approached several game developer and publishers to create and list NFTs on the platform when it launches later this year. As further confirmation, the company has recently launched a website where people can request to be an NFT creator for their upcoming marketplace.

GameStop made headlines in January last year when the company’s stock price rose to a record-high of $380 in what would be known as the first-ever “meme stock” in history. The sudden spike prompted an SEC investigation although the commission failed to find any evidence of stock manipulation or fraud.

Meanwhile, Reuters reports that the company’s stock prices have gone up by 27% since the Wall Street Journal article was published yesterday.