This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: GameStop Stock Jumps After Company Enters NFTs
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Markets > GameStop Stock Jumps After Company Enters NFTs
Markets

GameStop Stock Jumps After Company Enters NFTs

Editorial Board Published January 7, 2022
Share
GameStop Stock Jumps After Company Enters NFTs
SHARE

A marketplace for nonfungible tokens and cryptocurrency plans are new steps in GameStop’s overhaul.

Photo: John Minchillo/Associated Press

By

Gunjan Banerji

Updated Jan. 7, 2022 4:24 pm ET

GameStop Corp. GME 7.32% shares jumped 7.3% on Friday, extending the videogame retailer’s volatile ride into this year.

The stock lurched higher after The Wall Street Journal reported that GameStop is launching a new division. GameStop plans to develop a marketplace for nonfungible tokens and establish cryptocurrency plans, an area that has been popular among individual investors.

The shares pared even bigger gains from earlier in the session and settled at $140.62. The company’s share price surged to all-time highs last year during a Reddit-driven frenzy and is up more than 650% over the past year. 

But it has been a rocky start in 2022 for meme stocks overall. AMC Entertainment Holdings Inc.’s stock has fallen more than 15% in the first week of the year. Even with Friday’s gains, GameStop shares are down 5.2% for the week.

The new division is the latest in a string of moves that company executives have made to overhaul the retailer. The company has specialized in selling hard copies of games even though many consumers are opting to download and stream games over the internet. GameStop was one of many companies hurt during the pandemic as businesses around the country were shut down. 

Last year, GameStop had a shake-up within its executive team and it named activist Ryan Cohen as chairman.

GameStop isn’t the only memestock to add crypto features to its business. AMC last year said that it would accept bitcoin at its movie theaters. AMC’s Chief Executive Officer Adam Aron wrote on Twitter Thursday that he has been “repeatedly asked when AMC expects to routinely accept Dogecoin and Shiba Inu for any and all payments made via the AMC” website and mobile app.

 He said that AMC is on track to implement the change in the first quarter of the year.

Write to Gunjan Banerji at gunjan.banerji@wsj.com

Terms like “nonfungible token,” “minting,” “gas fees” and more sound like a foreign language to you? To better understand it—and explain it—WSJ’s Joanna Stern turned her son’s art into an NFT on the Ethereum blockchain. Photo illustration: Jacob Reynolds

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the January 8, 2022, print edition as ‘GameStop’s Shares Jump On NFT Plan.’

Contents
A marketplace for nonfungible tokens and cryptocurrency plans are new steps in GameStop’s overhaul.Gunjan Banerji
TAGGED:MarketsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Deliveroo, Probing Restaurant-Delivery Snags, Plans to Open Eatery Deliveroo, Probing Restaurant-Delivery Snags, Plans to Open Eatery
Next Article Stocks Close Lower After Jobs Report Stocks Close Lower After Jobs Report

Editor's Pick

I attempted Google’s new Search Dwell function and ended up debating an AI about books

I attempted Google’s new Search Dwell function and ended up debating an AI about books

Google’s new Search Dwell function lets customers maintain real-time voice conversations with an AI-powered model of Search The Gemini-powered AI…

By Editorial Board 6 Min Read
Valkyries convey again Chen and Bibby as EuroBasket hits roster
Valkyries convey again Chen and Bibby as EuroBasket hits roster

The Valkyries signed 2025 third-round draft decide Kaitlyn Chen and ahead Chloe…

3 Min Read
AI at Scale: Mohammed’s Revolutionary Architecture Behind the World’s Fastest Website Builder
AI at Scale: Mohammed’s Revolutionary Architecture Behind the World’s Fastest Website Builder

In an extraordinary technological breakthrough, Abdul Muqtadir Mohammed has fundamentally transformed how…

7 Min Read

Oponion

A Frozen Document in China Unleashes a Furor Over Privacy

A Frozen Document in China Unleashes a Furor Over Privacy

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved…

July 15, 2022

Zendesk Strikes $10.2 Billion Deal With Buyout Firms

Zendesk has agreed to be acquired…

June 24, 2022

ADM Buys Stake in Startup Farmers Business Network

Archer Daniels Midland Co. invested in…

November 18, 2021

Expensive Abby: Since she went no-contact, I inform folks I don’t have a baby

DEAR ABBY: A couple of years…

April 28, 2025

Demi Moore Stated WHAT When Mikey Madison Gained The Oscar?!

Studying Time: 3 minutes Demi Moore…

March 3, 2025

You Might Also Like

Oil costs anticipated to be impacted following US bombing of Iran nuclear websites
Markets

Oil costs anticipated to be impacted following US bombing of Iran nuclear websites

FOX Enterprise host Liz Claman breaks down the impression on the oil markets and customers amid escalating tensions within the…

4 Min Read
America headed for ‘financial coronary heart assault’ on authorities debt, spending warns billionaire
Markets

America headed for ‘financial coronary heart assault’ on authorities debt, spending warns billionaire

Bridgewater Associates founder Ray Dalio discusses responding to the U.S. debt on 'The Claman Countdown.' Billionaire Ray Dalio, founding father…

4 Min Read
Main oil worth shock looming as Israel-Iran battle threatens crucial world delivery passage
Markets

Main oil worth shock looming as Israel-Iran battle threatens crucial world delivery passage

ExxonMobil CEO Darren Woods describes the impact of the Center East battle on the worldwide oil market on 'Particular Report.'…

4 Min Read
ExxonMobil CEO talks oil provide amid Iran-Israel battle
Markets

ExxonMobil CEO talks oil provide amid Iran-Israel battle

ExxonMobil CEO Darren Woods describes the influence of the Center East battle on the worldwide oil market on 'Particular Report.'…

4 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?