GameStop may be in for the long haul. According to an undisclosed source, the company is looking to create a non-fungible token (NFT) marketplace as early as this year. GameStop experienced a massive boom in the stock market following a frenzy originating on Reddit in 2021. The sudden wave in buying led to a shortage among hedge funds which only propelled the movement further, causing stocks to skyrocket over 687 percent by the end of that year, CNBC reports. It’s to no surprise investors have been speculating what the next move may be for GameStop, which reportedly closed nearly 1,000 stores by the end of 2021. Now, Fortune reports, GameStop has shifted its focus from its brick-and-mortar shops to tap into the increasingly popular cryptocurrency wave. And, what’s more, this could be a smart move since the NFT market value is $22 billion, according to The Guardian.
Jan 7, 2022