Pedestrians pass in front of a GameStop retail keep in New York, December 23, 2021.
Scott Mlyn | CNBC
Gamestop shares rose about 14% in extended trading on Thursday immediately after the Wall Road Journal described the retailer designs to build a marketplace for non-fungible tokens, generally identified as NFTs.
Gamestop also strategies to establish cryptocurrency partnerships to develop games and objects for the marketplace, in accordance to the report, which cited persons common with the subject.
The report indicates that Gamestop, which has been at the heart of a retail trader frenzy, will broaden into just one of the most hyped sectors in know-how. OpenSea, the best-known NFT marketplace, was recently valued at $13.3 billion by traders.
NFTs are a kind of technologies that permits proof of ownership of electronic products to be saved on a blockchain, normally Etherium. NFT price ranges have risen in current months driven by enthusiasm from cryptocurrency holders on the potential for the technologies.
Gamestop’s market will aim on virtual video clip sport products this kind of as character outfits and weapons, according to the report.
Gamestop did not immediately return a request for comment. At its closing value on Thursday, Gamestop stock is down more than 59% from its peak in January 2021.