GameStop to Launch NFT and Cryptocurrency Marketplace
2021 Was the Year of NFT and Crypto Spaces; But What About 2022?
GameStop is currently planning to launch its own NFT and Crypto Marketplace
GameStop (NYSE:GME) jumped more than 22%.
GameStop Corp launches a market development division for non-fungible tokens (NFT) and builds crypto asset partnerships. GameStop’s move boosted its share price by 27 percent during the extension of trading time.
GameStop surged in local after-hours trading Thursday on Wall Street as the video game company will launch a business to create a nonfungible tokens/NFT market, and enter a cryptocurrency partnership, The Wall Street Journal reported, citing unidentified sources, not wanting to be named.
GameStop has hired more than 20 people to run the new business – which will launch this year – and is building an online marketplace for buying, selling, and trading NFT of virtual videogame goods including avatar outfits and weapons, according to the report.
When Does the NFT and Crypto Marketplace Launch?
NFT is a digital asset that exists on the blockchain with every transaction recorded and stored on a computer network. Blockchain functions as a public ledger. As a result, it allows anyone to verify the authenticity of the NFT and who owns it.
The Wall Street Journal was the first to report this information by citing sources who knew about it on Thursday, January 6, 2022.
The retail of this video game establishment seems to be undergoing a change. GameStop chairman Ryan Cohen pressured executives including Amazon.com Inc to help GameStop go from “small retail” to e-commerce. This was reported by Channel News Asia, Friday (7/1/2022).
The company asked game developers and publishers to list NFT on its market. The NFT is scheduled to launch later this year, the Wall Street Journal wrote.
GameStop Technical Analysis
Technically speaking, in the long-term, GME is still in a bearish bias. The next support for GME is $116.45.
WHAT ZFX THINKS…
Building a NFT or Crypto marketplace means GME will compete with CoinBase, OpenSea, FTX, and other major big crypto companies which is hard to compete with. We believe that this won’t bring new massive transactions to GameStop and is not a bullish sentiment for GameStop but a bullish sentiment for NFT and Crypto markets.
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