GameStop’s stock surges to 7% higher with a report of its NFT marketplace. News research claimed, “This video game retailer is soon to launch a marketplace for non-fungible tokens (NFTs).” Soon after this news, GameStop’s share price rose 20%.
GameStop is up to creating co-partnerships with two crypto companies. This partnership mechanism will be shared. Also, GameStop will co-invest in the evolution of games based on blockchain and NFT technology.
CEO’s NFT Plans for GameStop
During GameStop’s last earnings call, Chief Executive Officer and Director Matt Furlong discussed plans embracing non-fungible tokens and crypto.
In December 2021, Furlong said, “We are continuously analyzing emerging opportunities in blockchain, NFTs, and Web 3.0 gaming.”
A few months ago, Internet investigators perceived company job descriptions that contained “NFT plans” and “Web 3.0.” The video-game retailer was related to the GameStop URL petitioning creators for an NFT marketplace. As per the website, “Request to be a creator on the GameStop NFT marketplace.”
Yahoo Finance is still waiting for a reply, for it had approached the video game retailer for a comment. In 2021, GameStop was the preferred “meme” stock among retail investors. The highly tentative stock grabbed the 3rd position among ‘most searched ticker’ in 2021. It left behind Tesla (TSLA), and AMC (AMC). On Friday, AMC’s shares opened about 5% higher Friday morning.
GameStop Undergoes Reversal Plans
Reportedly, GameStop had been put off with a turnaround plan under Chairman Ryan Cohen. Ryan Cohen is also the e-commerce platform Chewy (CHWY) co-founder.
Popularly addressed as “Papa Cohen” by the retail trader crowd, Cohen kept this strategy 100% confidential.
During the company’s get-together in June 2021, Cohen claimed, “We’re trying to do something new, something unique, which has never been touched upon by anyone in the retail space.”
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