GameStop Sees An Increase Of 26% In Its Shares


GameStop Corporation, one of the most favored stocks on Reddit, saw its share price jump by a quarter in trading that took place after hours. This was preceded by a report in the Wall Street Journal which spoke about its upcoming division in the NFT sector. The retail game store in the United States has been pretty quiet over the last couple of months as it had been working on a marketplace for NFT since May and ended up ramping things up in October by putting up lists for several job openings for Web3 and NFT-engineered software engineers as well as product marketers. 

GameStop Has Started The Year In a positive Way

According to a report on Thursday from the Wall Street Journal, GameStop has now gone on to employ more than 20 people to operate its freshly minted unit of NFT. A source close to the plans of the gaming retail giant has mentioned that the outlet is planning on building a platform for NFT which would enable the purchase, sale, and trading of multiple gaming NFTs, whilst creating key partnerships in cryptocurrencies throughout.

The marketplace should ideally be launched at the later part of the year, and the firm is said to be pretty close to penning partnerships with a couple of crypto companies that would be sharing technology whilst co-invest in the development of NFT as well as blockchain. 

GameStop’s news was welcomed pretty warmly by most of the after-hour traders who had increased the price of the retailer up by 26% since the market drew to a close to sitting comfortably at a price of $162.48 when the report was made, as reported by TradingView. Trading after-hours is often pretty volatile due to a complete lack of liquidity in the market but it nevertheless impacts the price of any stock that is involved. 

Interestingly, the lack of any named sources by the Wall Street Journal regarding the news of GameStop has raised more than a few eyebrows.