Shares of GameStop jumped 7% higher with the NFT market report. Research news claims, “This video game retailer will soon hit the market for non-fungible tokens (NFTs).” Immediately after this news, GameStop’s stock price jumped 20%.
GameStop strives to create a co-working relationship with two crypto companies. This cooperation mechanism will be shared. In addition, GameStop will co-invest in the development of games based on blockchain technology and NFT.
CEO’s NFT Plans for GameStop
During GameStop’s last earnings call, CEO and Director Matt Furlong discussed plans to include non-fungible tokens and cryptocurrencies.
In December 2021, Furlong said, “We are constantly analyzing emerging opportunities in blockchain gaming, NFT, and Web 3.0.”
A few months ago, Internet investigators noticed the company’s job description contained “NFT plans” and “Web 3.0”. The video game retailer is involved with the creators of the GameStop URL petition on the NFT marketplace. According to the website, “Request to be a creator on the GameStop NFT marketplace.”
Yahoo Finance is still awaiting a response as it has reached out to the video game retailer for comment. In 2021, GameStop is the preferred “meme” stock for retail investors. This highly anticipated stock has taken 3rd place among the ‘most searched codes’ in 2021. It ranks behind Tesla (TSLA) and AMC (AMC). On Friday, shares of AMC opened about 5% higher on Friday morning.
GameStop conducts the reverse plan
It is known that GameStop was kicked off with a rotation plan under President Ryan Cohen. Ryan Cohen is also the co-founder of e-commerce platform Chewy (CHWY).
Dubbed “Papa Cohen” by a crowd of retail traders, Cohen keeps this strategy 100% secret.
During the company’s June 2021 meeting, Cohen stated, “We’re trying to do something new, something unique, that no one else in retail has ever touched.”