Monday, December 5

GameStop shares soar 20% on news that it is creating an NFT market

GameStop is entering the NFT sector by creating a market for non-fungible tokens.

The Wall Street Journal originally broke the news but since then, many sources familiar with the subject have spoken with other media. According to a source speaking with CNBCGameStop’s plan is to establish cryptocurrency partnerships to “create games and items for the market.” This market, which is currently accept applications to become a creator, it will focus on virtual game items such as cosmetics and weapons.

It appears that the company has been hiring people with a blockchain and crypto background for the past few months, and there are currently more than two dozen employees on the team.

When the news of the entry into the sector came, the company’s shares rose 20%.

For those unfamiliar with NFTs, they are non-interchangeable units of data that can be used to represent easily playable items such as audio, memes, photos, and other types of digital files. The technology provides digital creators with proof of ownership when it is stored using a blockchain that is like a digital ledger. It works in a similar way to cryptocurrencies like Bitcoin, the difference is that each NFT can represent a different asset along with a different value.

The largest market in the growing space is OpenSea, which is currently valued at $ 13.3 billion.

Recently, Ubisoft announced its own NFT platform called Quartz, and the first game to use it will be Ghost Recon Breakpoint. The new platform will allow users to purchase NFTs called Digits that will be released as part of limited editions, each consisting of a fixed number of cosmetic items.

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The fable’s mastermind Peter Molyneux is also joining the trend. In December, Molyneux announced that his company’s 22 Cans next game, Legacy, will use the blockchain and have gamers buy NFT in a business simulation gaming environment.

Square Enix has expressed interest in NFT, while others like Microsoft and Valve don’t seem to be very interested in the emerging technology.

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