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Video-game retailer, GameStop (GME) shares have surged over 31% on Thursday in after-market trading after reports came out of the company developing a non-fungible tokens (NFT) marketplace.
GameStop’s is creating a new business division to build the NFT marketplace and to further expand in crypto space by establishing strategic partnerships.
As reported in the Wall Street Journal, citing sources familiar with the matter, the video-retailer is hoping to boost company performance and turn profitable by dabbling into crypto.
GameStop has so far hired 20 people to man the new division who will work on building an online hub for buying, selling and trading NFTs of virtual video-game goods
The NFT platform is expected to launch later this year with the firm reportedly close to finalizing partnerships with two crypto companies that will provide technology and co-invest in the development of blockchain and NFT games.