Friday, December 8

GameStop bets on cryptocurrencies and NFTs to boost its recovery

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The chain of video game stores GameStop has created a division to enter the market non-fungible tokens (NFT) and cryptocurrencies, as it tries to turn around its core business of video games, as reported by The Wall Street Journal.

GameStop has hired more than 20 people to run the unit, which is building an online hub for buying, selling and trading NFTs for virtual video game products such as avatar costumes and weapons. In this way, you are asking select game developers and publishers to include NFTs in their marketplace when they become available. release later this year.

The New York newspaper also reports that the company is close to signing partnerships with two crypto companies to share technology and co-invest in the development of games that use technology. blockchain and NFTs. So it expects to enter into similar deals with a dozen or more crypto firms and invest tens of millions of dollars in them this year, the people said.

stock market revolution

GameStop has been working to rebuild your business after years of losses. The company was at the center of a stock trading frenzy last year that boosted its share price, leading to a surge in interest and optimism from individual investors.

The chain hopes to avoid missing out on opportunities to be part of a nascent trend like it did with PC game downloads about a decade ago. GameStop tried to get into video game streaming at the time but abandoned the effort. Today, game downloading and streaming are fast growing trends.