GameStop shares jump 22% amid plans to introduce NFT and cryptocurrency

Hot potatoes: It seems like a relentless tsunami destroying everything in its path, no one can stop NFT from becoming a part of the mainstream games. GameStop is another organization that has reportedly created a team to develop an online marketplace for virtual goods that will include in-game items.

According to Wall street journalGameStop has assembled a 20-person team that will focus on NFT and cryptography. He is reportedly in talks with cryptocurrency / blockchain companies as well as game developers / publishers to promote his plans and integrate non-replaceable tokens into games, and a marketplace will be launched later this year.

GameStop is also reportedly in talks with partners to set up a number of funds, worth up to $ 100 million each, to invest in NFT content creators and gaming companies.

The appeal to virtual objects and cryptocurrencies is considered part of GameStop’s attempt to change its destiny. The company has suffered in recent years as more consumers prefer digital versions of games to their physical counterparts. The growing popularity of game subscriptions and streaming services is also impacting sales.

GameStop launched a dedicated NFT Web site last year, although it currently only offers people the opportunity to become a creator in its upcoming NFT market.

CNBC reports that the company’s share price has been falling for the last month and a half, but is up 22% after the Wall Street Journal report.

Indispensable tokens in games turned out to be a more controversial topic than the 2017 loot box saga, when it was discovered that it would take 4,528 hours of gameplay (or $ 2,100) to unlock all of the base game content in Star Wars Battlefront 2. 2 developers abandoned NFT’s plans for the upcoming game due to backlash, and the video announcement of the Quartz platform from Ubisoft caused a flood of antipathy; it also looks like no one is buying the Ghost Recon NFT.

Ubisoft hasn’t given up on NFTs, however, while Konami and Square Enix have announced their intention to use non-interchangeable ones. The only industry player who has spoken out against them is It Takes Two director Josef Fares, who said he would rather get a shot than add NFT to his games.

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