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GameStop stock up 23% in after hours Trading after announcing plan to enter NFT, crypto markets

GameStop Stock went up 23% in After hours trading after the Company announced that it is launching a division to develop a marketplace for nonfungible tokens (NFTs). The Company is also planning to establish cryptocurrency partnerships, a source familiar with the matter said on Thursday.

The Wall Street Journal first reported the news citing people familiar with the matter.

The video game retailer is undergoing a revamp, with Chairman Ryan Cohen tapping executives from companies including Amazon.com Inc to turn GameStop away from brick-and-mortar and towards e-commerce.

The company is asking select game developers and publishers to list NFTs on its marketplace when it launches later this year, the WSJ report said.

An NFT is a digital asset that exists on a blockchain, a record of transactions kept on networked computers. The blockchain serves as a public ledger, allowing anyone to verify the NFT’s authenticity and who owns it.

The retailer has hired more than 20 people to run the unit which is building an online hub for buying, selling and trading NFTs of virtual videogame collectibles such as avatar outfits and weapons, according to the WSJ report.

GameStop launched its NFT website last year and has been inviting creators to join the platform.

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