GameStop is said to be looking to enter the NFT and cryptocurrency market as part of its plans to get the company back on track.
According to a report by The Wall Street Journal (Thank you, The edge), GameStop has assembled a team of over 20 people dedicated solely to an online marketplace for NFTs and cryptocurrencies, which could potentially include cosmetic skins and in-game items.
The report says GameStop is in talks with game developers and publishers to list NFTs in its market. He also hopes to make deals with crypto companies to further develop the technology. the WSJ The report says GameStop’s crypto investments could reach tens of millions.
GameStop has struggled in recent years as players move away from physical purchases, instead opting to purchase their games digitally. Plans to transition to NFTs and cryptocurrency are apparently part of a larger plan to turn around its business. Matt Furlong, chief executive of GameStop, said the company is exploring the technology in December (thanks, Axes).
the WSJ notes that gamers may be the first to adopt NFTs, as they are already used to purchasing virtual-only items. However, fan responses to NFTs are mostly negative overall. Square Enix president Yosuke Matsuda recently announced that the company has NFT plans, although he admits that many gamers don’t like them. Sega also recently said it was exploring the possibility of NFT, but said it wouldn’t go after them if fans didn’t want them.
GameStop grabbed the headlines last year when a subreddit gambled on the stock market to drive the company’s shares soaring. But the company is still struggling and last month its losses have increased.
In other news, it turns out that a former Sega boss wanted Virtua Fighter 3 and Crazy Taxi will be released for Nintendo 64.