Video game retailer and memestock darling GameStop is making a big bet on NFTs and cryptocurrency technology. According to a new report from The Wall Street Journal, the company has built up an over 20-person strong team working on an online marketplace for the virtual items, which could include cosmetic skins and in-game items.
The company is said to be courting game developers and publishers to list NFTs on its marketplace, and hopes to ink deals with crypto companies to develop the underlying technology and help invest in games featuring NFT and blockchain tech. In total, the WSJ reports that GameStop’s investments in crypto could stretch into the tens of millions, and involve agreements made with over a dozen other companies.
A spokesperson for GameStop did not immediately respond to The Verge’s request for comment.
NFT JOB LISTINGS AT GAMESTOP WERE SPOTTED LAST OCTOBER
The plans are thought to be part of GameStop’s attempt to turnaround its business, which has been rocked in recent years as consumers turn away from physical releases in favor of buying games digitally online. In December the company’s chief executive Matt Furlong (who joined the company from Amazon last year) said the company was exploring the emerging technologies, and job listings relating to Web3 and NFTs previously emerged in October.
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