GameStop is going all-in on play-to-earn blockchain gaming and NFT trading.
Brick-and-mortar store GameStop is betting big on nascent and speculative digital technologies like blockchain in a bid to supplement its sluggish retail business. GameStop's new blockchain business segment has over 20 people, sources tell The Wall Street Journal, and the unit has been confirmed by recent company job listings.
GameStop has a multi-faceted approach to web3. The company plans to open an NFT marketplace where users can buy and sell digital non-fungible tokens on the popular Ethereum blockchain. Alongside NFT creators, which GameStop is currently trying to woo, the retailer would take a cut on every auction and sale.
Sources also tell the WSJ that GameStop has invested millions into new crypto business deals for play-to-earn blockchain games. These experiences would ideally fuel the engagement wheel required to spin NFT content sales and trades.
The company is currently hiring five roles regarding web3, blockchain, and NFTs: