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GameStop to create NFT market and wager on crypto

GameStop needs to create a non-fungible token (NFT) market and set up new cryptocurrency partnerships, in line with a report from The Wall Road Journal.

The retailer has reportedly employed 20 individuals to run the unit, and hopes to construct a digital hub the place individuals should buy, promote, and commerce NFTs and different digital items together with sport cosmetics.

{The marketplace} is outwardly slated to launch later this yr, and GameStop has seemingly already been contacting sport builders to persuade them to hock NFTs within the work-in-progress bazaar. 

Though it is nonetheless a rumor at this level, the story was additionally picked up by CNBC, with one supply near the state of affairs claiming GameStop has been engaged on its NFT mission for months.

As famous by CNBC, the information has now caught the eye of traders, with GameStop shares rising greater than 10 % throughout morning buying and selling on January 7, 2022, as rumors of the corporate’s blockchain ambitions started to flow into.

NFTs and blockchain initiatives have develop into a divisive subject throughout the video games trade. Main corporations together with Ubisoft, Sega, and Sq. Enix have already begun exploring the nascent area regardless of pushback from these apprehensive in regards to the environmental impression and credibility of such initiatives.

Different trade figures, nonetheless, seem extra cautious amid the cacophony of NFT chatter. Final yr, Xbox boss Phil Spencer mentioned the corporate was cautious of “exploitative” NFT initiatives, whereas Valve has banned titles that use blockchain tech or function NFTs from its in style Steam market.

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