GameStop is getting into NFTs and cryptocurrency

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GameStop is launching a division that will focus on non-fungible tokens (NFTs) and cryptocurrency partnership, a . According to January 6 Wall Street Journal report, The US-based video game retailer has reportedly already hired 20 people to work in the new division, which intends to create an NFT marketplace for Gamestop, and is a Website Where creators can request to participate in GameStop’s NFT Marketplace.

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The video game retailer has already felt the impact that Internet culture can have on business.

Last January, GameStop watched its stock fly in price After stock traders on Reddit started buying stocks. Shares started 2021 at $18 and then hit $483 a week later. Outrageous instability caused many congressmen hearing and investigation by federal agencies. GameStop stock closed Thursday at $131, but has risen to $172 in after-hours trading.

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NFT is a blockchain-based technology used to determine the ownership of digital assets. Video game companies have begun to consider integrating NFTs into games. Ubisoft was the first major game developer to do so. in December 2021, However, gamers beware new ways of make money they play games, and there are environmental concerns around technology.

Online video game retailer Steam recently banned Video games that use NFTs and cryptocurrency from their platform. GameStop is the first major video game retailer to publicly enter the NFT and cryptocurrency space.

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GameStop did not immediately respond to a request for comment.

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