GameStop shares jump 26% in after-hours trading after NFT division reveal

The price of Reddit’s cult stock, GameStop Corporation (GME), jumped a quarter after trading hours following a Wall Street Journal report on its upcoming non-fungible token (NFT) division.

The US retail game store giant has been quietly working in an NFT market since May and stepped things up in October by listing several job postings for experienced software engineers and product marketers on Web3 and NFT.

According to a report by the Wall Street Journal on Thursday, GameStop has now hired more than 20 people to operate its newly created NFT unit.

An anonymous source familiar with GameStop’s plans told the outlet that the unit is building an NFT platform that enables the buying, selling and trading of game NFTs, as well as the establishment of key partnerships. of cryptocurrency.

The market is expected to launch later this year, and the company is said to be close to entering into partnerships with two crypto companies that will share the technology and co-invest in blockchain and NFT game development, as well as other NFT projects. additional.

The news was greeted warmly by out-of-hours traders who have pushed the price of GME up 26% since the market closed at $ 162.48 at the time of writing, according to TradingView. After hours trading is often quite volatile due to a lack of liquidity in the market, but impacts the price of a stock in the same way as regular trading.

However, the lack of Wall Street Journal-named sources or direct confirmation from GameStop has raised eyebrows in some more conspiratorial GME fanatics. In an article with 1,100 comments and a 97% positive vote rate on the r / Superstonk Reddit community, user u / brettmagnetic questioned whether the Wall Street Journal article could actually have a bullish effect on GME exchanges after hours.

“Sorry, but I don’t think the after-hours price movement relates to the WSJ posting to the Gamestop NFT Marketplace. I think there is something else going on and this article was published to give the NFT market the scapegoat for rising prices.

Redditor u / MrFlags69 echoed similar sentiments, saying, “The author credited ‘the people’ as the only source I’ve seen. It’s anything but journalism.

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