GameStop shares soar 26% after presentation of its NFT division

GameStop shares soar 26% after presentation of its NFT division

The share price of GameStop Corporation (GME), a Reddit favorite, has risen by a quarter in post-session trading following a Wall Street Journal report on its upcoming non-fungible token (NFT) split.

The US game store giant has been quietly working on an NFT market since May, and in October he took a step forward by announcing several job openings for software engineers and product marketers with Web3 and NFT experience.

According to a report Thursday by The Wall Street Journal, GameStop has hired more than 20 people to operate its newly created NFT unit.

An anonymous source familiar with GameStop’s plans told the outlet that The unit is building an NFT platform that enables the buying, selling and trading of NFT games, along with the establishment of key cryptocurrency partnerships.

The market is scheduled to launch later this year, and The company is said to be close to establishing partnerships with two cryptocurrency companies that will share technology and co-invest in the development of blockchain and NFT games., along with other additional NFT projects.

The news was very well received by after-hours traders, who raised the price of GME by 26% from the close of the market to USD 162.48 at the time of writing, according to TradingView. After hours trading is often quite volatile due to lack of liquidity in the market, but it influences the share price in a similar way to regular trading.

But nevertheless, The Wall Street Journal’s lack of named sources or direct confirmation by GameStop has raised suspicions from some more conspiracy-minded GME fans. In a post with 1,100 comments and 97% upvote on the Reddit r / Superstonk community, user u / brettmagnetic wonders if the Wall Street Journal article could really have such a bullish effect on after-hours GME trading.

“Sorry, but I don’t think the after-hours price movement is related to the WSJ’s release of Gamestop’s NFT market. I think something else is going on and this article was published as the scapegoat for the NFT market price increase. “

The redditor u / MrFlags69 echoed similar sentiments, arguing: “The author credited ‘the people’ as the only source I saw. This is anything but journalism. “

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