Why GameStop Is Jumping While the Market Is Tumbling
Shares of GameStop (NYSE: GME) are rising 6.9% in noontime trading Thursday as reports come out that the video game retailer's new non-fungible token (NFT) marketplace is off to a faster start than many expected.
It was just launched on Monday, and CNET reports over $3.5 million worth of transactions have already been conducted on the marketplace.
GameStop NFT, what the video game retailer calls its marketplace, is part of chairman Ryan Cohen's attempt to reshape the company to match its increasingly online and digital industry. GameStop has long been dependent on its physical retail stores, but as gaming itself has moved to digital gaming and game downloads, Cohen says it's essential GameStop evolve too.
Source Fool.com
