Gamestop Announces NFT Division in Plan To Turnaround Company

In news that will certainly excite r/wallstreetbets, Gamestop is launching a new division focused entirely on NFTs.

The struggling video game and consumer electronics retailer saw its shares soar more than 22% on Thursday after the announcement.

The company plans to develop a marketplace for nonfungible tokens and establish crypto partnerships according to the Wall Street Journal.

It is unclear whether they are looking to launch a marketplace similar to OpenSea, but its recent $13 billion valuation surely looks attractive.

As a video game retailer, it is believed that their marketplace will focus on virtual video game goods.

Gamestop is also close to entering into partnerships with two crypto companies, and expects to enter into at least a dozen other partnerships.

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