GameStop reportedly has a whole unit working on NFTs and cryptocurrency

Computer game retailer and memestock sweetheart GameStop is making a major bet on NFTs and digital money innovation. As indicated by another report from The Wall Street Journal, the organization has developed a more than 20-man solid group dealing with a web-based commercial center for the virtual things, which could incorporate restorative skins and in-game things.

The organization is supposed to court game designers and distributers to list NFTs on its commercial center, and desires to ink manages crypto organizations to foster the hidden innovation and help put resources into games highlighting NFT and blockchain tech. Altogether, the WSJ reports that GameStop’s interests in crypto could extend into the several millions, and include arrangements made with more than twelve different organizations.

A spokesperson for GameStop did not immediately respond to The Verge’s request for comment.

The plans are thought to be part of GameStop’s attempt to turnaround its business, which has been rocked in recent years as consumers turn away from physical releases in favor of buying games digitally online. In December the company’s chief executive Matt Furlong (who joined the company from Amazon last year) said the company was exploring the emerging technologies, and job listings relating to Web3 and NFTs previously emerged in October.

The WSJ notes that gamers are seen as potential early adopters for NFTs in particular, because they’re already comfortable with spending money on virtual goods like cosmetic outfits and weapon skins. Square Enix and EA have publicly expressed interest in exploring the technology, and Ubisoft launched an NFT platform late last year.

But so far much of the response from gamers to in-game NFTs has been downright hostile, with many seeing them as being of little value to the overall gameplay experience, and representing a marketing exercise by companies that have for years been happy to sell virtual items without the need for blockchain technology. S.T.A.L.K.E.R. 2: Heart of Chernobyl developer GSC Game World quickly walked back its NFT plans after they were widely criticised, while Valve has said it won’t allow games using the technology on its game store Steam.

The WSJ’s report comes roughly a year after GameStop found itself at the center of a trading frenzy, as some day traders attempted to boost its share price and punish short sellers. But despite the investment and attempts at a turnaround, the company continues to be in poor financial shape. Last month it reported that its losses were widening, despite some revenue growth. The company’s share price has been falling throughout the past month and a half, although CNBC reports that its share price rose by over 22 percent following the WSJ’s report on its NFT plans.

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