Why GameStop Is Up 6% This Week When the Market Is Falling
Shares of GameStop (NYSE: GME) are up 6% this week compared to where they closed last Friday, according to data from S&P Global Market Intelligence, after the company launched its new non-fungible token (NFT) marketplace on Monday.
While initial reports indicated the platform was off to a slow start, CNET subsequently reported over $3.5 million had been spent on the marketplace's top 50 collections as of Wednesday, which helped lift the video game retailer's shares.
Although GameStop shares had reached as high as $151 a share, or 18% above last Friday's close, they gave back all those gains and then some and finished trading on Thursday at around $136 per share, a 3.6% loss for the day and down over 10% from their peak.
Source Fool.com
