GameStop is reportedly getting into the NFT and cryptocurrency game

GameStop is reportedly looking to enter the NFT and cryptocurrency market as part of its plans to get the company back on track.

According to a report from The Wall Street Journal (thanks, The Verge), GameStop has built a 20-person plus team dedicated solely to an online marketplace for NFTs and cryptocurrency, which could potentially include cosmetic skins and in-game items.

The report states that GameStop is in talks with game developers and publishers to list NFTs on its marketplace. It also hopes to form deals with crypto companies to further develop the technology. The WSJ report states that GameStop’s investments in crypto could extend into the tens of millions.

GameStop has been struggling in recent years due to players moving away from physical purchases, instead opting to buy their games digitally. The plans to move into NFTs and cryptocurrency are apparently part of a wider plan to turnaround its business. Matt Furlong, GameStop’s chief executive, said the company was exploring the technology in December (thanks, Axios).

The WSJ makes the point that gamers could be early adopters of NFTs because they are already used to making purchases of virtual only items. However, fan responses to NFTs are mostly negative across the board. Square Enix president Yosuke Matsuda recently announced the company has NFT plans, despite acknowledging that many players do not like them. Sega also recently said it is looking into the prospect of NFTs, but did say it would not pursue them if fans did not want them.

GameStop made headlines last year when a subreddit gamed the stock market to make the company’s stocks skyrocket. But the company has still been struggling, and last month reported its losses were widening.

In other news, it turns out that a previous Sega boss wanted Virtua Fighter 3 and Crazy Taxi to be released on the Nintendo 64.