GameStop seems to be growing the NFT market and plans to invest millions of dollars in blockchain technology in the near future.
According to Engadget, after Ubisoft and Square Enix, GameStop is the latest name in the video game industry to target NFT as a way to increase profits.
According to The Wall Street Journal, GameStop has hired nearly 20 people for a newly formed crypto division. The unit is said to be building an online marketplace to buy, sell, and trade NFTs for in-game items. This market may launch later this year. In addition, the newly formed division is likely to partner with 2 other companies to jointly invest in games using blockchain technology and NFT. GameStop reportedly plans to partner with dozens of other companies in the crypto ecosystem.
News of the NFT market targeting sent GameStop’s stock value up from $131.01 to $159.77. According to The Journal, GameStop executives see NFT as a way for the company to turn a profit, but it’s unclear whether the rookie will gain a foothold in the industry.
Many recent attempts by some game developers and publishers to include virtual currency in their games have been strongly opposed. For example, Ubisoft was criticized when it announced its Quartz NFT platform. But in the face of many negative reactions, Ubisoft and other companies do not seem to worry. During the staff Q&A session, Ubisoft CEO Yves Guillemot voiced his feeling that the community will eventually accept new technology instead of protesting.
