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GameStop shares skyrocket after company announces plan to launch NFT marketplace

GameStop’s shares rose as much as 20 percent on Friday after news broke that the video gaming company plans to launch its own NFT marketplace in the near future.

On Thursday after the closing bell on Wall Street, The Wall Street Journal published a report revealing GameStop’s behind-the-scenes work to launch an NFT marketplace. According to the report, GameStop also plans to create items and games for its NFT marketplace by working with cryptocurrency partners.

A source with insider information about GameStop’s efforts to enter the NFT space told WSJ the company has hired about a dozen crypto and blockchain experts so far, and has been working on its NFT plans for months.

After the WSJ article came out, GameStop shares rose on Friday, closing the day 7.3 percent higher than the previous day, and having gone as much as 20 percent higher throughout the day.

ARTICLE: LAURA SPIVAK

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: MARKET REALIST

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Laura is a freelance writer out of Maryland and a mom of three. Her background is in political science and international relations, and she has been doing political writing and editing for 17 years. Laura has also written parenting pieces for the Today Show and is currently working on writing a collection of remarkable true stories about normal people. She writes for FBA because unbiased news is vital to unity, and readers deserve the facts free of opinion.

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