GameStop is reportedly getting into cryptocurrency and NFTs
GameStop, the video game and electronics retailer, is developing a marketplace for non-fungible tokens (NFTs).
A report from The Wall Street Journal states that GameStop hired 20 new employees for its crypto division to build a digital marketplace for people to buy, sell, and trade NFTs along with other in-game items. Additionally, the company is reportedly partnering with two other cryptocurrency companies, which will help GameStop invest in video games with crypto technology.
NFTs are a hot-button topic in the video game industry. Ubisoft’s internal crypto platform resulted in one of the most-disliked YouTube videos ever. At the same time, S.T.A.L.K.E.R. 2: Heart of Chernobyl developer GSC Game World outright canceled all NFT integration mere days after announcing the feature. Valve Software won’t even allow NFT games on Steam.
Despite the frequent backlash to NFT announcements in video games from players, Reuters reported that GameStop’s shares rose 27 percent. Evidence that the company is pleasing investors with this move. However, its stock is still down 59 percent from its January 2021 peak (Thanks, Kotaku).
GameStop’s NFT marketplace will not launch publicly until this fall, so time will tell if this business venture works out for them. There’s a good chance that like Square Enix, many people that play video games won’t be all that interested.
Written by Kyle Campbell on behalf of GLHF.