Gamestop returns to the fore on Wall Street. The cult title of Reddit, as reported by the Wall Street Journal, would be launching an ad hoc division to develop its own platform for non-fungible token exchanges (NFT), to then enter into partnership with the various cryptocurrency exchanges and with companies in the web 3.0.
Gamestop would have hired more than 20 people to create a real marketplace for the purchase, sale and exchange of NFTs on video game products, but also virtual clothes and weapons for avatars.
In the summer of 2020, Cohen's plans were to restructure and reschedule the company to make it stand out and according to the numbers the goal was achieved with a performance that in 2021 was about +1000%. Almost a year ago, in late January 2021, thanks to the people of Reddit, GameStop exploded on the Stock Exchange and today's news of the company's entry into the NFT world could rekindle the spirits of Redditors by returning volatility and interest on the stock. Cohen is trying to revamp the company and would have already reached out to executives from various companies, including Amazon, to bring more and more GameStop towards e-commerce.
The news immediately ignited enthusiasms on social media Reddit; in fact, many have been anxiously awaiting news of an NFT market and greater involvement in the crypto universe, seeing the change as a key tenet of company president Cohen's mysterious plan to enact a digital breakthrough.
Matt Furlong, CEO of GameStop, said the company was looking at business opportunities in the NFT sector, adding "that our long-term emphasis will allow us to build what will eventually become a much larger business”.
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The video game industry is seen as one of many that will grow in the NFT industry. Ubisoft Entertainment was one of the largest gaming companies to launch NFT in-game, in fact, gamers are known to spend a lot of money on digital avatars and in-game purchases and this could also involve GameStop.
Already last year, AMC Entertainment, another of the favorite stock memes of investors, entered the sector of non-fungible tokens with Spider-Man themed NFTS in conjunction with the release of "Spider-Man: No Home
Despite all this, many experts and analysts believe that it is somewhat unlikely that this latest news will trigger a buying boom on the stock as it did in January last year.
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