News Trading

GameStop Shares Rise 26% After NFT Announcement

Prominent retail game store GameStop, witnessed its stocks rise 26% after the announcement of the launch of an NFT marketplace. The WSJ reported that GameStop would be unveiling its NFT section and has recruited some members to run the new division. The market reacted positively to the news, thus shooting up GameStop stocks.

In addition to the recruitment, the retail company will pen down a deal with two blockchain companies to facilitate the development of NFT games and other cryptocurrency projects. As of the time of this news, the names of the two blockchain companies remain hidden. 

GameStop Unveiling An NFT Section Soon

The game stock company has been reportedly working on introducing a marketplace for NFT traders since last year. Although it wasn’t announced officially, the company unveiled a website nft.gamestop. It sped things up by advertising job openings for software engineers, gamers, designers, and marketers in October. 

GameStop finally hired over 20 people to fill the various advertised positions. These people will run the new!y created NFT division. According to some sources close to GameStop, the marketplace will allow the buying/selling of in-game assets. 

The NFT platform is scheduled to launch soon, with the new two unnamed cryptocurrency firm partners onboard to ensure that everything goes smoothly. The two companies will co-fund blockchain development. 

News Raises Eyebrows In The Gaming Community

After-hour traders received the news with open arms, and it became evident in the price of GME stocks. TradingView reports that stocks were up by 26%, closing around $162.48. 

Despite the news shooting up the price of GME, gaming fanatics believe that something isn’t right about the rapid price movement, adding that there’s a conspiracy. According to one of them, GameStop’s surprising silence and WSJ’s secrecy are enough to confirm that the bullish effect on GME stocks is beyond the two. 

Another shared the same sentiments, adding that the news from WSJ was put out to make the NFT market the pawn in their game. It’s a ploy and a public stunt to cover up for something big that’s going down or about to happen. 

Several game companies are making their way into the NFT sector. While some have succeeded, the likes of UbiSoft have backed down following a backlash from the gaming community. The French gaming company unveiled its NFT project to integrate NFTs with existing games, but it became a laughing stock in the gaming community. 

Many of the gamers believed that UbiSoft was playing smart and wanted to do “a quick cash grab” instead of enhancing gaming experience. While many aren’t against adopting NFTs for digital gaming, they were against UbiSoft for doing it with in-game items. 

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