GameStop has come up with a new idea to salvage its faltering business.
According to a partially pay-walled report from The Wall Street Journal, the game retailer is planning to launch a cryptocurrency division, one that will be responsible for tasks such as entering into cryptocurrency collaborations. The company is also said to be planning an online NFT marketplace that would allow users to browse and purchase items similar to popular marketplaces such as OpenSea and Decentraland,
“The retailer has hired more than 20 people to run the unit, which is building an online hub for buying, selling, and trading NFTs of virtual videogame goods such as avatar outfits and weapons, according to the people,” a portion of The Wall Street Journal’s article reads.
“The company is asking select game developers and publishers to list NFTs on its marketplace when it launches later this year, the people said.”
Investors appear to have initially reacted positively to the news, as GameStop’s stock rose 27 percent in trading shortly after the story was released. The retailer’s stock is still significantly down from its January 2021 peak, however, which managed to reach over $400..