GameStop is getting more involved in the cryptocurrency and non-fungible token (NFT) spaces. According to many mainstream sources, the company has developed a team of approximately 20 individuals at the time of writing to establish a whole new market designed for selling virtual items, which may include in-game tokens and cosmetic skins.
GameStop Is Getting More Involved in Crypto
NFTs have become one of the biggest trends in the digital asset space. Now valued at several billion dollars, the world of NFTs features a wide array of online collectibles linked to physical items that offer unique methods of ownership. Rather than purchase a $500 million piece of art outright, for example, you can instead purchase an NFT based on the art in question. This grants you partial ownership of the piece, which is shared amongst other owners of NFTs linked to the piece.
While some sources claim that NFTs are worthless, the space has come a long way in a relatively short period, and people are going so nuts for these items that many are selling in the millions.
GameStop is believed to have already brought several game developers and publishers onboard to feature the NFTs they’ve developed in the company’s marketplace. GameStop is also looking to establish deals and partnerships with crypto firms around the world to establish the technology necessary for permitting future investing in games featuring NFTs and blockchain-based collectibles. It is believed that GameStop will invest tens of millions of dollars into its new division and will likely establish agreements with more than a dozen businesses.
GameStop is believed to have been posting NFT-based jobs back in October. The company has had a strange and unique history with crypto in that while it has not necessarily stepped into the space before, its stock seems to share some intriguing correlations with assets like bitcoin. For example, early in 2021, the price of GameStop stock shares rose significantly along with digital assets like BTC and Dogecoin.
Robinhood Tried to Halt GameStop
Many platforms – such as Robinhood, which permits the trading of all three units – took issue with the sudden rises that were incurred and allegedly believed that something wrong was taking place. As a result, Robinhood took swift action and paused all trading at the time these prices were skyrocketing. This maneuver proved ruinous, as several traders are now invoking a class-action suit against the trading platform, claiming executives worked to hinder their gains and monetary plans.
GameStop has suffered somewhat in recent years given that many people seem to be rejecting the notion of physical games one buys in a store in favor of online games. This has caused sales and revenue to suffer, and like other companies such as RadioShack, GameStop appears to believe that stepping into the growing crypto arena will somehow do it some good.