Not only game companies like Square Enix and Ubisoft are getting into NFTs, the game retailer GameStop is also supposed to do so. According to The Wall Street Journal reports, the Texas-based company is setting up its own crypto department with plans to create an online NFT marketplace and enter into collaborations in cryptocurrencies.
Kotaku contacted GameStop for comment but didn’t hear anything prior to release.
GameStop hired twenty new employees to develop the new online marketplace where people can buy, sell and trade NFTs and in-game virtual items. Sources tell WSJ that the marketplace is slated to launch in late 2022 and that game companies will be encouraged to offer their NFTs through this new online hub. This new marketplace, it seems, would compete with OpenSea, the NFT marketplace that is now a $ 13.3 billion valuation.
Not everyone is quick to embrace the crypto and NFT trend. For example, Value’s Steam platform has already banned games that contain crypto and NFTs.
WSJ adds that GameStop is also preparing to partner with two cryptocurrency companies. The deals would also better position the game retailer to invest in games with crypto functions. These partnerships are not isolated, but rather reveal the company’s roadmap forward. Sources say GameStop is looking to forge a dozen or more partnerships and invest in tens of millions this year alone.
GameStop started earlier NFT site with the slogan “Change The Game”.
GameStop’s business model has been hit hard by the increase in digital downloads. Revenues are declining and businesses are closing. But the stock market seemed to like the idea of GameStop getting into the crypto business. Reuters reports that its shares rose 27 percent on Thursday. The stock, as CNBC notes, is still 59 percent down from its January 2021 high, which GameStop was suddenly turned into “Meme-share” fiascowhat to a. led Ministry of Justice investigation.
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