GameStop (GME) stock saw impressive double-digit growth last Thursday. This breakthrough follows the publication of a Wall Street Journal (WSJ) report indicating that the company was launching a division to develop its own NFT platform. Explanations.
An NFT platform to straighten out the company’s finances
On January 06, GameStop shares were up 31% to a solid volume of around 1.7 million shares. Earlier today, the Wall Street Journal reported that the company hired 20 people to develop its NFT platform. This will be intended to promote trade in virtual video game assets. The report states that GameStop is already asking some game developers and publishers to list NFTs on its marketplace when it launches later in the year, according to those interviewed.
Traders have been waiting for months for news of an NFT marketplace and a cryptocurrency game initiated by GameStop. They consider in particular that it is abouta key element of the recovery master plan planned by Ryan Cohen, the president of the company. A year ago, the latter, who is also an activist investor, triggered a tightening of short positions in the company’s shares by increasing his stake in it. The WSJ announcement was seen by the Reddit community as proof that they were right from the start.
GameStop will also embark on the development of blockchain games
Despite the dramatic breakthrough, GameStop shares are down 11.7% on the week, according to FactSet data. In addition, the company should step up its participation in the blockchain industry according to the same report from the Wall Street Journal. The latter, who quotes internal sources from GameStop, says the company would be close to signing partnerships with two companies in the cryptosphere. The objective would be toinvest together in the development of games that use blockchain technology and NFTs.
GameStop officially joins the list of video game publishers who have decided to diversify their economic model by fully committing to blockchain. A month ago, Ubisoft was already launching its NFT platform called Quartz. However, the company is facing fierce challenges from its gaming community, such as Square Enix recently.
Source: Market Watch
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