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GameStop shares up by 26% in after-hours trading on the announcement of the NFT division

According to reports, GameStop has employed 20 people for its new NFT section and is close to forming collaborations with two crypto start-ups for NFT game development.

Since May, the retail gaming store giant has been discreetly developing an NFT marketplace, and in October, it sped things up by posting multiple job postings for Web 3.0 and NFT-experienced software engineers and product marketers.

According to an unnamed source acquainted with GameStop’s plans, the business is developing an NFT platform that will enable the buying, selling, and trading of gaming NFTs, as well as creating crucial cryptocurrency alliances.

The marketplace is set to open later this year, and the company is claimed to be nearing agreements with two crypto businesses to exchange technology and co-invest in the creation of blockchain and NFT games, as well as other NFT ventures.

According to Tradingview, the news was well-received by after-hour traders, who drove the price of GME up 26% since the market closure to sit at $162.48 at the time of writing.

Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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