The announcement boosted GameStop’s stock value.

Following the well-known short squeeze incident last year, GameStop, a video game retailer, has emerged as a symbol of new financial trends, specifically in “meme” investments. While this newfound popularity has slightly improved GameStop’s financial performance, their traditional in-store sales have not seen significant growth. Consequently, GameStop has decided to capitalize on its popularity by diversifying its business towards NFTs and cryptocurrencies.

Recently, reports from The Wall Street Journal revealed that GameStop is set to launch its own platform for trading non-fungible tokens (NFTs). This strategic move by GameStop is likely to yield positive results as there is a significant overlap between individuals interested in meme investments and those intrigued by NFTs. The mere announcement of GameStop’s plans has already driven up its stock value. Following this revelation, GameStop’s stock surged by 22% on Thursday, even though it remains 59% lower compared to its peak during the short squeeze in January of the previous year.

GameStop to enter NFT, crypto markets as part of turnaround plan – WSJ https://t.co/W1y8YJ0P0B pic.twitter.com/fOIkGaZZkH

— Reuters (@Reuters) January 6, 2022

GameStop’s marketplace will incorporate NFTs into their existing product lineup, particularly focusing on video games. The company intends to sell NFT-based games and NFT items designed for existing games, including cosmetics and collectibles.