In an attempt to turn around its video game business, GameStop has created a new division to develop a market for non-fungible tokens (NFTs) and to pursue cryptocurrency partnerships.
The retailer has hired 20 employees to run the unit, which is developing an online marketplace to sell, buy, and trade virtual video game items, such as avatar outfits and weapons.
Additionally, GameStop is close to forming partnerships with two cryptocurrency companies to jointly develop blockchain-based games and NFT-related projects.
GameStop shares surged more than 31% to $173 in after-market trading minutes after the announcement, reaching the highest levels in almost a month after the stock fell during a widespread selloff triggered by the Federal Reserve on Wednesday.
