GameStop wants to create an NFT market
GameStop wants to create an NFT market

GameStop, a video game retailer, relies heavily on NFT technology and cryptocurrency. According to a new report in the Wall Street Journal, the company has put together a strong team of more than 20 people to develop an online marketplace for virtual items, which can include in-game items.

After newspapers reported that the retailer was planning to create a market for irreplaceable tokens, GameStop stock surged more than 22% in after-hours trading.

The company is said to be in touch with game developers and publishers to add NFTs to its market. He hopes to reach an agreement with crypto companies to develop core technologies and invest in games using NFT and blockchain technology.

The Wall Street Journal reports that GameStop crypto investments could run into the tens of millions. It includes agreements with more than a dozen other companies.

He believes the plans are part of GameStop's attempt to transform businesses that have rocked in recent years as consumers switch from physical versions to online purchases of digital games.

The company's CEO said in December that the company was exploring new technology. Web3 and NFT job listings were published in October.

In particular, players are seen as one of the first potential users of non-fungible tokens because they spend money on virtual goods.

GameStop has a complete module that can be used for NFT and cryptocurrency

Square Enix and EA have publicly expressed their interest in researching this technology. Ubisoft launched the NFT platform late last year.

So far, many players' reactions to in-game NFTs have been hostile. Many people think that it has little value in the overall gaming experience.

It is also a marketing practice for companies that want to sell virtual items without the need for blockchain technology.

S.T. Developer Although Valve has stated that games that use this technology will not appear on the Steam game store.

The Wall Street Journal reports that for nearly a year since GameStop was in the middle of a frenzy of trading, some traders have tried to drive up its stock price and penalize short sellers.

But despite investments and transformations, the company's financial position remains poor. And the company announced last month that its losses continued to increase despite the growth in sales.

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