General Gaming News

GameStop is embracing the NFT craze

GameStop Stocks have soared because of Reddit

GameStop NFTs will soon be a thing of some description. The video game retailer’s stock rose following the announcement that the company would look into an NFT marketplace of some kind. According to a report by The Wall Street Journal, GameStop is also joining the cryptocurrency rush in a very unfitting move.

GameStop NFTs join a pretty crowded and annoying market. Konami recently announced a line of NFTs for Castlevania’s 35th anniversary. These NFTs were in the form of game art and gameplay, as well as audio files as background detail. It’s nice for fans, but the overall reception has been pretty negative.

GameStop NFTs will be handled by a new internal team, of which around 20 or more people have already been hired. The plan is to bring about a full NFT marketplace for buyers and sellers to trade NFTs on. The retail outlet will likely use its retail footprint to help encourage investors and buyers, as well as collecting fees on any transactions. Who knows if this will actually work out.

GameStop has been pretty much stuck in their own downfall. The company has been closing hundreds of stores over the last few years. And the complete lack of both employee morale and customer faith is a real telltale sign. The retailer has been losing money for years, collecting billions in debt. The most recent quarter reported a loss of more than $100 million.

GameStop’s plan to jump into NFTs probably won’t be the magic bullet some investors might be hoping for.

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