Tags: Stock news, Stocks

GameStop Stocks Jump 22.68% on Plan to Enter NFT Market

Shares of GameStop Corp. hiked 22.68% in Thursday’s post-trading market after reports suggested that it would create a non-fungible tokens (NFTs) marketplace.

Correspondingly, the electronics retail company added 29.72 points to $160.75 per share. It followed its gain of 1.28% or 1.66 points to $131.03 per share in the regular session.  

For the year-to-date, the meme stock is 14.27% or 21.81 points lower. Still, it stands with a market capitalization of $10.02 billion with shares outstanding of 75,950,781.

The Wall Street Journal posted the retailer’s plans to expand into one of the most hyped sectors in technology.

At present, OpenSea is the largest NFT marketplace with a current value of $13.30 billion. 

The report also suggested that GameStop aims to build cryptocurrency partnerships to create games and items for the marketplace. 

Subsequently, the said platform will focus on virtual video game goods such as character outfits and weapons. 

NFTs are now an on-trend technology that allows proof of ownership of digital goods stored on a blockchain. 

Its prices significantly rose in the previous months, mainly fueled by enthusiasm from crypto holders about the potential of the technology. 

GameStop Revamps to NFTs

GameStop now undergoes a revamp from brick-and-mortar towards e-commerce and non-fungible tokens.

The video game retailer launched its NFT website last year, and it eventually invited creators to join the platform. The company has already hired more than 20 people to run the unit. 

Moreover, it established new offices in Seattle and Boston, citing the locations as tech hubs with talent markets.

Over the last year, GameStop has been at the forefront of the meme stock trading frenzy.

Consequently, market participants hyped these shares on news site Reddit and brokerage site Robinhood.  

In line with this, GameStop was the third most searched ticker, following Tesla and AMC.

However, the firm and other meme favorites are now under pressure over worries about Fed rate hikes this year.

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