GameStop Intends to Launch an NFT Platform

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Publicly traded gaming retailer GameStop is reportedly planning to release a non-fungible token (NFT) platform in the future, according to The Wall Street Journal.

The company announced in the month of May that it intended to expand its staff to be able to develop NFT-related services. Now, the firm has unveiled it is working on an NFT marketplace. To this end, GameStop has hired “more than 20 and aims to strike deals with cryptocurrency industry startups to support the effort.”

According to the WSJ:

“[GameStop] is close to signing partnerships with two crypto companies to share technology and co-invest in the development of games that use blockchain and NFT technology, as well as other NFT-related projects.” 

The publication has continued:

“The retailer expects to enter into similar agreements with a dozen or more crypto companies and invest tens of millions of dollars in them this year.”

GameStop has reported that it has decided to enter the NFT market to boost its overall financial performance, which has been negatively affected by the impact of the COVID-19 pandemic.

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