GameStop is working on a new NFT marketplace

As reported Thursday by the Wall Street Journal, GameStop, the world's largest video game retailer, is working on a new marketplace for NFT and establishing crypto partnerships. Reliable sources have revealed that the American giant has already hired more than 20 people to manage the "Metaverse department" and that it is channeling its finances into creating a digital hub for NFT and wearable devices in the Metaverse that will be launched by the end of 2022. In addition, the brand will soon close deals with two cryptocurrency companies to share technologies and develop blockchain games. In May, GameStop had already activated a scant website for its NFT marketplace, on which a Nintendo Game Boy-style game console with an Ethereum logo had subsequently appeared, along with an ad to recruit staff working on the platform.

Since then, the company has reported nothing but a list of eight jobs for crypto-friendly candidates on Oct. 25, but that was enough for the company's shares to rise more than 22 percent, according to CNBC. GameStop (GME) has assembled a team of blockchain and NFT experts to work on the company's next platform for NFT, one of the announcements, dedicated to the post of Head of Web3 Gaming, reported that GameStop was looking for someone with experience with Ethereum, NFT and blockchain-based gaming platforms. Here is the ad published by the brand:

«[GameStop is looking for people who can] help accelerate the future of gaming and commerce. In this future, games are the places to go, and play is driven by the things you bring. Future creators won't just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath. An ideal candidate will have experience across several domains in gaming, content creation, partnerships, game design/development/mechanics, and a general understanding and experience with Ethereum, NFTs, and blockchain based gaming platforms».

The Texan company has seen a revival in the last year largely thanks to r/wallstreetbets of Reddit, which boasts more than 9.4 million subscribers, the so-called Millenial Traders, a new generation interested in the stock market ready to subvert the financial balance and put Wall Street in crisis, which on January 27, 2021 caused the cost of Gamestop shares to skyrocket from 17 to 348 dollars. The purchase of large quantities of shares of the company has caused what in financial jargon is called "short squeeze": a dizzying and unexpected increase in price, a small financial earthquake. The news of a new GM virtual marketplace has thrilled both investors, fascinated by the strange phenomenon that occurred in 2021, and gaming lovers, and although it arrives perhaps late compared to expectations, it was rather obvious that the video game giant would soon launch itself into the NFT market, which has reached the peak of success. We'll see what subdued funding will cause GameStop to enter the Metaverse.