American video game and gaming merchandise retailer GameStop has hired more than 20 people to spearhead a new department that will build a new NFT platform.
The Wall Street Journal reports that the goal of the new department is to build an online hub that will allow users to sell and trade NFTs of virtual videogames goods such as avatar clothes and weapons.
GameStop (GME) shares positively responded to this new development by surging 31% in after-hours trading to reach $170. The shares hasn’t been this high in over a month.
In the last 24 hours, bitcoin has been down by 1.18%, with a current price of $46,340.97 as of the time of writing this. Within 24 hours, bitcoin dropped to $45,568.60 low and $47,501.97 high. The trading volume of bitcoin in the last 24 hours is $1.08B. The current market capitalization of bitcoin is $876.43B. Currently, $18.92M bitcoins are in circulation.
Stats and Image from Coin Desk
GameStop has become the latest gaming brand like Ubisoft to join the bandwagon of video games companies embracing the booming NFT market and integrating it into their existing systems. With the in-game NFT system, game players will own assets and tokens, which they can sell to earn in fiat currency. The play-to-earn system is changing the game terrain where players usually spend rather than earn.
GameStop has been eyeing the NFT market for some months now. In May 2021, it published that it was looking for “exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders” to come aboard an Ethereum NFT project.