GameStop starts in NFTs. It’s not official yet, but a Wall Street Journal article reveals the company’s plans to position itself in this new market. The company could create an exchange for NFTs and enter into various partnerships with cryptocurrency companies.
GameStop takes on the crypto!
The GameStop group, which has been in trouble for many years, seems to have created a whole new department in recent months so as not to miss the turnaround of the NFT. According to the Wall Street Journal, which quotes sources close to the company, the company has hired about twenty people to start it and advance its projects. In addition, it would be the task of the group to set up an online market for buying and selling NFT video games. We could find skins, weapons, and other inventory items there, depending on the titles and publishers present.
Behind this policy of moving towards new technologies hides the shadow of Ryan Cohen. The Group President, in office since last year, is indeed particularly fond of these markets and emerging trends. He had previously made a fortune reselling Chewy, an online pet store shop, for just over $ 3 billion, and he’s not hiding his interest in any market novelties. And as such, blockchain and NFT seem inevitable in the near future.
In order to be successful in this new bet, GameStop has already come into contact with many video game developers and publishers. The aim of this campaign is of course to know your plans regarding the NFTs and to position yourself as a preferred partner. The group wants to be present online very quickly and, above all, to be ahead of the competition. Because of this, several partnerships with cryptocurrency companies are about to be signed. A promising start, as the group is planning a dozen in the coming months, reports the WSJ.
A cheap market for NFTs
Recently, Ubisoft and Square-Enix made it clear their intention to develop NFTs. The French giant has already taken the plunge, which has been received rather negatively by players and the press. GameStop intends to follow its logic, however, and is preparing to invest tens of millions of dollars this year. Massive investments that for Ryan Cohen undoubtedly take the form of a poker hit. The consequences could be enormous and reposition the group as a leading player. But failure could bring the company down.
The reactions on the stock market are unanimously positive. While the value of the stock has fallen more than 10% since the start of the year, trading soared after the Wall Street market closed. According to the latest figures, the opening of the day session (at 3:00 p.m. French time) was able to take place with an increase of almost 30%. A market that is extremely favorable to the emergence of NFTs and cites video games as one of its major stepping stones. Will consumers follow suit? It is hands down one of the great novels to follow in this New Year 2022!
