With the release of a report on its NFT marketplace, GameStop’s stock has risen by 7%. “This video game shop is likely to start a marketplace for non-fungible tokens (NFTs),” according to news reports. GameStop’s stock price soared by 20% following this news.
GameStop is in the process of forming relationships with two cryptocurrency firms. This platform for collaboration will be shared. In addition, GameStop will invest in the development of blockchain and NFT-based games.
GameStop CEO’s NFT Plans
Matt Furlong, Chief Executive Officer and Director of GameStop, discussed plans to embrace non-fungible tokens and crypto during the company’s most recent earnings call.
“We are always examining potential opportunities in blockchain, NFTs, and Web 3.0 games,” Furlong states in December 2021.
Internet investigators saw “NFT plans” and “Web 3.0” in firm job postings a few months ago. The video-game retailer was linked to the GameStop URL, which was requesting an NFT marketplace from authors. “Request to be a creator on the GameStop NFT marketplace,” according to the website.
According to reports, GameStop’s turnaround strategy was placed on hold under Chairman Ryan Cohen. Ryan Cohen is also a co-founder of the e-commerce platform Chewy (CHWY).
Cohen, who is known among retail traders as “Papa Cohen,” maintained his method a closely guarded secret.
“We’re attempting to build something fresh, something unique,”
“which has never been touched upon by anyone in the retail world,”
Then, Cohen notes at the company’s meeting in June 2021.
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