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GameStop (GME) finishes up 7% on NFT speculation

By Robert Davis

22:51, 7 January 2022

GameStop retail company logo on the smartphone and its authentic stock price chart for the last 5 days.
GameStop (GME) finishes up 7% as the company looks for developers and meme lords to be creators - Photo: Shutterstock

The stock of American video game retailer GameStop Corporation (GME) finished Friday’s trading session up more than 7% to $140.62 per share after reports indicated that the company is planning to build-out a crypto and nonfungible token (NFT) division.  

Over the last four weeks, the stock has lost nearly 20% of its value and is down more than 26% over the last half-year.

NFT and crypto division

The news of GameStop adding a NFT and crypto operation to its business sent the meme stock on a rollercoaster ride. It opened Friday’s trading session up nearly 23% to $160.31 before fizzling out.

According to a report by the Wall Street Journal, GameStop is planning to seek partnerships with crypto companies and create its own blockchain division.

Although Capital.com was unable to connect with a representative of GameStop to verify the news, a new page on the business’ website asks software developers and “meme lords” to apply to become a GameStop creator.

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New media engagement

GameStop’s foray into the NFT and crypto space is the latest example of how the technology can help businesses connect with their customers in new ways.

Media companies like Fox Corporation and Viacom both sell NFTs of their network’s most popular shows. Fox Corp. unveiled a NFT collection of characters from The Masked Singer in October around the same time that Viacom began selling NFTs of Spongebob Squarepants characters.

For retailers like GameStop, NFTs give customers a way of owning their products in two separate mediums. For example, Nike sells NFT versions of the shoes it offers.

In mid-December, Los Angeles-based fashion retailer Fred Segal began offering a retail experience that includes an NFT gallery at its Sunset Boulevard store.

Read more: GameStop boosts revenue in second quarter

Markets in this article

GME
GameStop Corp (Extended Hours)
27.69 USD
-1.71 -5.840%
GME
GameStop Corp (Extended Hours)
27.69 USD
-1.71 -5.840%

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