GameStop surges 30% in after-hours on reported NFT plans

GameStop’s (GME) stock rose as much as 30% in after hours after a report that the computer game seller is releasing a market for non-fungible tokens (NFTs), a relocation which had actually been telegraphed in 2015. 

GameStop is likewise supposedly developing collaborations with 2 crypto business to “share technology and co-invest in the development of games that use blockchain and NFT technology, as well as other NFT-related projects,” according to individuals familiar with the strategies who spoke with the Wall Street Journal.

In 2015, CEO Matt Furlong offered a teaser about strategies including non-fungible tokens and crypto. 

“We’ve also been exploring emerging opportunities in blockchain, NFTs and Web 3.0 gaming,” Furlong stated throughout the revenues contact December.

Months back, Web sleuths had actually observed business job descriptions that included “NFT” and “Web 3.0.” The video-game seller likewise has a link on the GameStop URL getting developers for an NFT market. 

GameStop has actually been a ‘meme’ stock favorite amongst seller financiers over the in 2015. It was the 3rd most browsed ticker in all of 2021 behind Tesla (TSLA), and AMC (AMC). Shares of AMC, another ‘meme’ beloved, were likewise up more than 10% in after-hours. 

GameStop is going through a turn-around strategy under Chairman Ryan Cohen, the co-founder of e-commerce platform Chewy (CHWY). 

Cohen, referred to as “Papa Cohen” by the retail trader crowd, has actually been hush-hush about his technique.

“We are trying to do something that nobody in the retail space has ever done,” Cohen said at the company’s annual meeting in June of last year. 

GameStop went through a C-Suite overhaul over the summer, with Amazon (AMZN) veterans Matt Furlong appointed as CEO and Mike Recupero as CFO.

In December, the company announced it had established new offices in Seattle and Boston, describing the locations as “innovation centers with developed skill markets.”

Recently, GameStop and other meme favorites have been under pressure along with other risky assets and growth names, over concerns of Fed rate hikes this year. 

Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre

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Jobber Wiki author Frank Long contributed to this report.