GameStop plans entry into NFT and crypto markets, shares surge

Video game retailer GameStop Corp is launching a unit to create a marketplace for nonfungible tokens (NFTs). The said unit will also establish cryptocurrency partnerships.

GameStop’s shares jumped 27% in extended trading upon the news.

The NFT-crypto marketplace is part of GameStop’s revamp as Chairman Ryan Cohen looks to turn GameStop away from brick-and-mortar and towards e-commerce.

Reuters, quoting a Wall Street Journal report, has it that GameStop is selecting game developers and publishers to list NFTs on its marketplace when it launches later this year.

According to the Wall Street Journal, GameStop has hired more than 20 people to run the unit.

GameStop launched its NFT website last year and has been inviting creators to join the platform.