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WallStreetBets plaything and occasional video game rental service, GameStop, is in the news once again. Reports have revealed plans for its gamer-focused NFT marketplace.
Following months of speculation, the one-time toppler of hedge funds is realizing its crypto ambitions. Determined not to go all Blockbuster, it has assembled a 20 strong team focused on pursuing blockchain-related endeavours.
Top of the list is the GameStop NFT marketplace, designed as a hub for gaming-related NFTs. The platform is still in early development and aims to be up and running by years end. In support of this initiative, GameStop bigwigs are currently in talks with a number of blockchain companies to determine the best chain and tokens to support the project.
.@GameStop is implementing a new division to develop a marketplace for NFTs & establish cryptocurrency partnerships.
The unit’s goal is to build an online hub for buying, selling and trading NFTs of virtual videogame goods.
(h/t @WSJ) pic.twitter.com/TTclO5jn6c
— Boardroom (@boardroom) January 6, 2022
In addition, word on the street is that GameStop and its partners plan to set up a fund to provide investment opportunities within the industry. Therefore, it is anticipated that they will create several funds of up to $100 million to invest in creators and gaming companies.
GameStop first revealed an interest in the blockchain last May. However, so far progress has been a fairly muted affair. This news might shake things up a bit, but years end still feels a long way away. Following the news, shares in GameStop spiked briefly. However, as of writing, they had tumbled back down again.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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