GameStop has an entire unit of 20 working on building an online hub for NFTs, reported the Wall Street Journal. The company is planning to open an NFT marketplace where users will be able to buy, sell, and trade NFTs made of virtual video game items like cosmetic skins and in-game items.
The company had earlier last year launched an NFT-themed website, nft.gamestop.com, that reads “Power to the players. Power to the creators. Power to the collectors”. The website currently states that users can apply to become a creator on the GameStop NFT marketplace. No other details were found on the page apart from the wallet address to an ETH cryptocurrency wallet but the reason for featuring it wasn’t listed either. Apart from launch of the website, the company hasn’t yet made any official announcement regarding the platform.
WSJ reported that the company is also in talks with select game developers and publishers to list their digital collectables in the form of NFTs later in the year on the marketplace. GameStop is partnering with two cryptocurrency companies to work on NFT-related projects, as well as to invest in the development of games that are using the blockchain and NFT technologies, reported WSJ.
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Major videogame developers and publishers like Ubisoft Entertainment, Zynga Inc. and Square Enix Holdings Co have unveiled their plans for launching their own NFT collections, but often to disapproval of consumers. Many in the NFT industry have stated that consumers in the video game segment are the ideal customer base for NFTs since they are already comfortable with buying cosmetic-only digital items within various games. ˀ
GameStop had shot once more back into fame last year after years of slow and steady decline. The company saw a legendary rally of its stocks ushered in by retail traders, users of the subreddit r/WallStreetBets, and a dash by short sellers to cover rising positions earlier in 2021. While GameStop share prices are still far above the levels seen before the short squeeze, the prices had slumped by nearly 45 percent in recent weeks due to the company reporting increased losses in its earnings. However, news of the NFT has sent shares rallying by 20 percent once more, reported CNBC.
(Edited by : Vijay Anand)
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