GameStop is creating a new division that will deal with the market of Non-fungible tokens (NFT) but also the establishment of partnerships with cryptocurrencies, according to the Wall Street Journal, citing knowledgeable people, pushing the company into new fields. , as she tries to change the core of her business model.
The retailer has hired more than 20 people to run the unit, which is setting up an online hub to buy, sell and market NFT video game virtual goods such as clothing and weapons for the avatar. The company is asking specific video game development and publishing companies to list NFTs in its NFT market when it launches later this year.
GameStop is also close to signing partnerships with two cryptocurrency companies to exchange technology and co-invest in game development using blockchain and NFT technology, as well as other projects related to Non-fungible tokens.
GameStop is expected to enter into similar deals with twelve or more cryptocurrency companies and invest tens of millions of dollars in them this year, according to a Wall Street Journal article.
Texas-based Grapevine GameStop is working to restart its business after years of losses. The company was at the center of a stock market frenzy last year by a wave of private investors, which boosted its share price.
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