GameStop has reportedly hired 20 members for its new NFT division and is close to securing partnerships with two crypto firms for NFT game development.
10350 Total views
104 Total shares
The share price of Reddit’s cult-favorite stock GameStop Corporation (GME) jumped by one quarter in after-hours trading following a Wall Street Journal report on its upcoming nonfungible token (NFT) division.
The United States retail game store giant has been quietly working on an NFT marketplace since May and ramped things up in October by listing several job openings for Web3 and NFT-experienced software engineers and product marketers.
According to a Thursday report from The Wall Street Journal, GameStop has now hired more than 20 people to operate its freshly minted NFT unit. A source unnamed told The Wall Street Journal that GameStop is currently building an NFT platform to enable the trading, buying and selling of gaming NFTs. It also established key partnerships in cryptocurrency. The marketplace will launch later in the year. It is close to forming partnerships with two cryptocurrency companies, which will share technology and invest in the development and maintenance of NFT games and blockchain.
The news was warmly welcomed by after-hour traders who drove the price of GME up 26% since the market closed to sit at $162. 48 at the time of writing, according to TradingView. TradingView reports that after-hours trading can be quite volatile because of the lack of liquidity in markets, but it has a similar impact on the stock price as regular trading.
However, The Wall Street Journal’s lack of named sources or direct confirmation from GameStop has raised the eyebrows of some more conspiratorially minded GME fanatics. In a post that has 1,100 comments and a 97% upvote ratio on the r/Superstonk Reddit community, user u/brettmagnetic questioned whether The Wall Street Journal article could actually have that much of a bullish effect on after-hours GME trading.
“Sorry, but I don’t believe the movement in price after hours has to do with the WSJ posting about the Gamestop NFT market. I think something else is happening and this article was put out to give the NFT market as the scapegoat for the price increase.”
Redditor u/MrFlags69 echoed similar sentiments, arguing, “The author credited ‘the people’ as the only source I saw. This is anything but journalism.”
Neither GameStop nor RC said shit today. WSJ is not on GameStop’s side. I don’t believe the AH bump was caused by news about NFT markets but rather a cover story on something happening on BTS such as forced FTD coverage or margin calls. In all cases, I buy and hold. pic.twitter.com/jDQFtTYIBr
— ssddman.eth (@0xssddman) January 6, 2022