03/07/2022

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GameStop (GME) shares jump 30% in after hours trading on WSJ NFT marketplace report

GME is on the move following a WSJ report about the retailer opening an NFT marketplace.

We’ve seen so many companies around the video game industry dip their toe into the world of NFTs, often to some pretty strong responses from fans and shareholders. GameStop has been one of the hottest companies in the space to follow, and today was a big one for the retailer. Following a report from the Wall Street Journal about the company getting into NFTs, GameStop’s (GME) stock shot over 30% in after-hours trading.

It was in the late afternoon hours of January 6, 2022, that the Wall Street Journal published a report about GameStop looking to open up an NFT marketplace. This news was apparently pleasing to shareholders, as the stock’s value soared on the news. GameStop (GME) stock hit a high of $171.27 a share. When markets closed at 4 p.m. ET, GameStop (GME) was valued at $131.01.

The Wall Street Journal is a huge voice in the financial world and can be influential on market trends. However, we here at Shacknews also reported on the news when the GameStop NFT website was first uncovered back in May of 2021.

GameStop has yet to formally announce its NFT plans, but it’s all but confirmed at this point. That said, it’s also unknown what sort of NFTs the gaming retailer will be distributing. What we do know is that it will likely be powered by Ethereum. According to the WSJ report, GameStop has hired 20 people to run the NFT and cryptocurrency division.

Despite their polarizing nature, NFTs continue to be adopted by the biggest companies in gaming and tech. With GameStop having such a wild 2021, it will be interesting to see how its dive into NFTs and the blockchain influences its 2022. For more on GME, stick with us here on Shacknews.