GameStop shares are rising on NFT and crypto levels

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GameStop

The stock rose after opening hours on Thursday when the company’s cryptocurrency and non-fungible token plans began to take shape.

The video game retailer is creating a cryptocurrency partnership department while building an NFT marketplace, according to a person familiar with the matter. The Wall Street Journal first reported on GameStop’s latest cryptocurrency effort.

Shares in GameStop (ticker: GME) rose 29% to $ 169.49 in after-hours trading, almost wiping out a recent drop in the past month. The news seems to have at least temporarily awakened the meme stock trading from last year. Shares of cinema operator

AMC Entertainment

(AMC) was up 12% in late trading.

GameStop’s crypto plans have been in the works for several months, the person said, adding that the company has retained the best crypto advisors to support the effort while adding at least 20 members to the blockchain and crypto team. The company’s management team believes there is an opportunity for such an effort as more players turn to cryptocurrencies to buy NFTs and new gaming experiences.

Reddit users for several months have been wondering if GameStop had plans to launch something with the decentralized finance company Loopring, which supports the LRC token. The person confirmed that GameStop was investigating an acquisition, but said that the retailer eventually withdrew from calls due to logistical concerns related to Loopring’s operations in China.

A Loopring representative was not immediately available for comment.

Write to Connor Smith at connor.smith@barrons.com