Quick Take:
- Gamestop is reportedly planning to develop a marketplace for NFTs.
- The Wall Street Journal reported Thursday that the video games and consoles retailer will also develop partnerships with cryptocurrency companies.
- Gamestop’s stock surged more than 26% in the extended trading session on the news, although it has not released an official statement.
Gamestop is reportedly planning to launch a marketplace for NFTs. The Wall Street Journal, reported Thursday citing sources familiar with the matter that the video games and consoles retailer was also looking to establish partnerships with cryptocurrency companies.
The company is currently going through a restructuring program amid the evolving state of the video gaming market.
Gamestop shares rocketed more than 26% in the extended trading session after the news broke. However, the company is yet to issue an official statement confirming or denying the report.
Gamestop’s restructuring plan has seen Chairman Ryan Cohen tap into top executives from online retail giants like Amazon.com, in a bid to turn the company into an e-commerce marketplace, moving away from the traditional retail business.
According to the WSJ report, Gamestop has asked game developers and publishers to list non-fungible tokens on its marketplace, scheduled to launch later this year.
Wall Street Journal also said that the entertainment accessories dealer has put together a team of 20 staff to run the unit. The online marketplace will allow people to buy, sell and trade NFTs of virtual videogame collectibles such as avatar outfits and weapons, WSJ added.
Although Gamestop launched its NFT website last year inviting creators to join, the WSJ report is the biggest development around the project to come through.
If Gamestop successfully launches its own NFT marketplace, it will be the latest online retailer to embrace NFTs after the online platform for merchants, Shopify, launched its own marketplace, allowing merchants to create, buy and sell NFTs last month.
NFTs are digitally encrypted files based on the decentralised ledger technology, blockchain. They contain unique characteristics that create a concept of rarity, making them valuable.
The industry has attracted some of the leading brands in the world, including Nike, Adidas, and Pepsi. Last year, it exploded amid an influx of celebrities pushing NFT cumulative sales well above $17 billion.
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