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Video game retailer plans NFT platform - GameStop shares climb 26 percent

 


The video game retailer is said to have founded an NFT department with 20 new specialists, which is developing a trading platform for the crypto collectibles.


The stock of video game retailer GameStop (GME), which has seen a real hype on the Reddit social network for the past few weeks and months, has now climbed a further 26% after the company announced the creation of an NFT division.


The American video game retailer, whose core business is seen by many observers as being phased out, has been working on its own NFT marketplace since May . These ambitions were then intensified in October when several job advertisements were placed looking for professionals with expertise in non-fungible tokens (NFT).


According to a recent report in the Wall Street Journal, GameStop has now hired more than 20 professionals to make up the new NFT department.


According to an anonymous source, the department is to develop a corresponding NFT trading platform on which the buying, selling and trading of crypto collectibles related to gaming is possible.


The marketplace is scheduled to go live in the course of the new year. In order to be able to accelerate progress, the video game retailer is about to conclude two strategic partnerships with crypto companies who want to contribute their technologies and invest in the project.


The stock market reacted at least positively to the alleged plans, because GME shares shot up 26% and reached a price of 162.48 US dollars at the time of going to press.


However, since the article in the Wall Street Journal only refers to an anonymous source and confirmation from GameStop is currently pending, the first doubts arise in the social networks. For example, a much-discussed post on Reddit says that the WSJ article may be a mere disruption and that completely different forces are behind the stock's sudden upswing:


“Sorry, but I think it's a fairy tale that the price rise was related to the WSJ article on Gamestop's proposed NFT market. I think there is something completely different behind it. The NFT market is just the red herring. "

Another Reddit user points out that the author of the article simply refers to his anonymous sources as "the people", which would not necessarily speak for journalistic integrity.

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