GameStop moves into blockchain and NFTs with the creation of a new NFT division.
NFT Unit Follows Metaverse Job Recruitment
GameStop Corp has employed over 20 specialists to run a newly launched Non-Fungible Token division. The new team is being set up to develop a non-fungible token marketplace and establish cryptocurrency partnerships. This follows a metaverse headhunt for a “Head of Web3 gaming” position in October.
GameStop’s NFT unit forms part of the company’s ongoing turnaround of its core video game business, kicking off with an online hub to trade digital game items like avatars and accessories. An NFT portal went live in May 2021 and still hosts an open call for NFT creators on the GameStop NFT Marketplace. With the addition of the NFT team, the company is accelerating its diversification into blockchain.
“We believe our emphasis on the long term is positioning us to build what will ultimately become a much larger business,” GameStop CEO Matt Furlong commented on an analyst earnings call in December. As reported by WSJ on January 6, he then went on to mention the company’s desire to “explore business opportunities involving blockchain and NFT technologies.”
After surviving a controversial stock market saga early last year, the game retailer staved off further losses by mid-2021 in a shake-up that replaced its top executives as the company sought new business directions. GME shares rose sharply after the WSJ news broke, up as much as 31% on Thursday.
What is GameStop?
GameStop Corp. offers games, entertainment products, and technology through its e-commerce properties and stores, covering the United States, Canada, Australia, and Europe. It specializes in a secondary market of pre-owned video gaming consoles, accessories, and other consumer electronics and video game titles, in both physical and digital formats.
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