The GameStop share jumps by 26% in after-hours trading after the NFT division was unveiled

The share price of Reddit’s cult favorite share GameStop Corporation (GME) jumped by a quarter (in after-trading after a Wall Street Journal report on the upcoming NFT division.

The US gaming store giant has been quietly working on an NFT marketplace since May, increasing in October by listing more vacancies for Web 3.0 and NFT-experienced software engineers and product marketers.

According to a report from WSJ on January 6, GameStop has now hired more than 20 people to operate its newly designed NFT unit.

A named source familiar with GameStop’s plans told the outlet that the unit is building an NFT platform that enables the buying, selling and trading of NFTs for gaming, along with the establishment of key cryptocurrency partnerships.

The marketplace will be launched later this year, and the company is said to be in close partnership with two crypto companies that will share technology and co-invest in the development of blockchain and NFT games, along with other additional NFT projects.

The news was warmly welcomed by after-hours traders who pushed the price of GME up 26% as the market approached $ 1[ads1]62.48 at the time of writing, according to Tradingview. After-hours trading (AHT) is often quite volatile due to lack of liquidity in the market, but affects the price of a stock in the same way as regular trading.

However, the WSJ’s lack of named sources, or direct confirmation from GameStop, has raised the eyebrows of some more conspiratorial-minded GME fanatics. In a post that has 1,100 comments and a 97% turnout on the r / Superstonk Reddit community, the user “u / brettmagnetic” asked if the WSJ article could actually have so much of a bullish effect on GME trading after work.

“Sorry, but I do not think the movement in price after hours has anything to do with the WSJ post about the Gamestop NFT market. I think something else is happening, and this article was posted to give the NFT market the scapegoat for the price increase.”

The user “MrFlags69” reiterated similar sentiments, claiming that: “The author credited ‘the people’ as the only source I saw. This is anything but journalism.”