GameStop Stocks Soared

GameStop stocks soared after the company reported that it has hired 20 people for an NFT division and is close to forming partnerships with two crypto firms for NFT game development. The United States retail game store giant has been quietly working on an NFT market since May. Web 3.0 and NFT managed to speed things up in October by posting several job postings for seasoned software engineers and product marketers. GameStop has recruited more than 20 people for its newly launched NFT unit, The Wall Street Journal reported on Thursday. An anonymous source familiar with GameStop's plans said the unit is building an NFT platform aimed at trading gaming NFTs as well as establishing key cryptocurrency partnerships. The market is scheduled to launch later this year, and the firm is said to be close to forming partnerships with two crypto companies that will share the technology and the company will co-invest in the development of blockchain and NFT games along with other additional NFT projects. It has also mobilized some GameStop (GME) fanatics who have spawned conspiracy theories because the Wall Street Journal doesn't have clear sources or get direct approval from GameStop. One user commenting on a post on the Superstonk Reddit community that had 1,100 comments and 97% votes said that he questioned whether the Wall Street Journal article would really have that much of a bullish effect on GME trading.