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Could GameStop Be Getting Into NFTs?

April 12, 2021 5:55 pm
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Could GameStop Be Getting Into NFTs?

Two of the biggest storylines in the market for 2021 could be merging with GameStop now being mentioned as a company getting into NFTs.

What Happened: GameStop Corp (NYSE:GME) is hunting for a new CEO to run the company and oust CEO George Sherman, according to a report from Reuters. But the company could also be looking to expand its opportunities into new business segments. 

A tweet from Fox Business host Liz Claman said GameStop could be exploring non-fungible tokens. Shares went from being down 11% to down 4% after the tweet.

The report on Fox Business highlighted a new job posting for GameStop’s headquarters in Texas for someone with experience with cryptocurrencies, blockchain and NFTs.

GameStop has made no announcement of getting into NFTs at this time.

Related Link: Is Funko The Next Big NFT Winner?

Why It’s Important: Stocks that have announced plans to launch NFTs have seen strong interest from retail traders given the demand around the digital asset market.

GameStop shares traded higher this year and become a rallying cry for retail traders against hedge funds. Combining two major trends for 2021 could lead to renewed interest in GameStop shares.

GME Price Action: Shares of GameStop closed down 11% to $141.09.

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