Gamestop’s shares have been one of the top headlines in 2021, and the company has started 2022 with a bang as well. In Jan 2021, there was a huge pump in Gamestop shares, and it made an all-time high of $483. After this, the price plunged again but has recovered since then. At present, it is trading at $156.17, which is huge growth in 1 year. And on 6th Jan, as Gamestop unveiled its NFT division, its shares saw a 26% jump.
GameStop is a video game, consumer electronics, and gaming merchandise retailer based in the United States. The company is based in Grapevine, Texas, and it is the world’s largest video game retailer. It was first named Babbage in 1984 and was created in Dallas, and the company’s present name was adopted in 1999. Due to the transfer of video game sales to online purchasing and downloads, as well as GameStop’s failed investments in smartphone retail, the company’s performance fell in the mid-late 2010s.
Gamestop jumps back with NFTs
The company’s growth has not been that great in the last 10 years, but now they have decided to catch up with the latest technology. Gamestop has reportedly hired around 20 members and is opening its NFT division really soon. They are also planning to partner with game development firms to make their own NFT game. It’s not that this has happened out of the blue; Gamestop has been reportedly working on an NFT marketplace since May 2021 and has listed several job openings as well.
They are also building a platform that will enable buying, selling, and trading gaming NFTs. It is most likely going to launch in 2022. It doesn’t stop there as the company will also be working on other projects related to the space. Do note that all these reports are speculative.
While it is expected that the recent price increase was due to the release of the NFT news, but that might not be the case. Reddit users suspect that something else is going on, and the NFT marketplace is not the reason why there was a pump. A user on Twitter also said that Gamestop didn’t reveal any such news today.
What are your thoughts as GameStop shares jump 26% with the NFT news? And do you think there is something bigger to this as the Reddit and Twitter users suggested? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.