On Thursday, Jan. 6, the Wall Street Journal reported that GameStop is gearing up to join the 2022 NFT ecosystem. Citing people familiar with the legacy gaming institution’s plans, WSJ broke the news that GameStop is launching a division to develop its own NFT marketplace.
Having hired a reported 20 people to run its new NFT sector, GameStop seems to be looking to offset years of losses by leveraging blockchain technology. After the company led the pack during an alt/meme-stock frenzy towards the end of August 2021, share prices have been boosted yet again in response to this latest news.
Considering 2022 kicked off with a bang for the NFT market — with OpenSea, the world’s largest NFT marketplace reaching a valuation of $13.3 billion — it’s no wonder GameStop is looking to get involved in the weird wide world of NFTs. And while collectors and investors far and wide continue to speculate about what the next big NFT wave will entail, gaming seems to be a likely candidate to help revolutionize this new NFT cycle.
With projects like Axie Infinity and Parallel continuing to prove that the market for NFT gaming not only exists but is incredibly robust, it’s becoming hard to discount the profitability of blockchain and play-to-earn gaming. And although NFT and crypto naysayers continue to oppose this new paradigm of finance, tech, and art, GameStop joins a growing list of companies hoping to become involved in what seems to be the next evolution of online gaming.
Having launched a new site, GameStop has not only begun to move internally on the NFT front, but has launched a public submission form for those who may be interested in becoming a creator on the future marketplace. As the company is reportedly also already close to signing partnerships with multiple unnamed crypto companies, we may be seeing GameStop start its NFT marketplace rollout even before the end of Q1.
To learn more about the GameStop NFT marketplace visit NFT.GameStop.com.
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Photos courtesy of GameStop.