GameStop Share Price Rises After Launch of Crypto Wallet and NFT
- GameStop shares rose after the company announced it was launching a wallet for cryptocurrencies and NFTs.
- The self-custodial wallet operates on the Ethereum network.
- The video game retailer is also preparing to open an NFT marketplace this year.
GameStop stock rose on Monday after the company said it opened a wallet for gamers to manage their digital assets as it prepares to launch a market for non-fungible tokens.
The GameStop Wallet will allow gamers and others to store, send, receive and redeem cryptocurrencies and NFTs on decentralized applications without having to leave their web browsers, the video game retailer said in a statement Monday.
The stock rose 3% to hit $98.52 in early trading. But stocks have lost around 35% in 2022 after jumping 687% in 2021 on a meteoric rise in so-called meme stocks.
GameStop’s self-custodial wallet was in its beta phase, running on the Ethereum blockchain. It will enable transactions on the NFT marketplace which it aims to launch in the second quarter of 2022.
Earlier this year, the company partnered with Immutable X, an Ethereum NFT exchange protocol, to help run its NFT marketplace as GameStop aimed to get into the digital collectibles business.
Ether, the token that runs on the Ethereum blockchain, rose 2% on Monday to $2,070.87.