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GameStop shares jump 26% in after hours trade after NFT division unveiled

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

The U.S. retail game store giant has been quietly working on an NFT marketplace since May, and ramped things up in October by listing several job openings for Web 3.0 and NFT-experienced software engineers and product marketers.

According to a Jan. 6 report from the WSJ, GameStop has now hired increasingly than 20 people to operate its freshly minted NFT unit.

An unnamed source familiar with GameStop’s plans told the outlet that the unit is towers an NFT platform that enables the buying, selling and trading of gaming NFTs, withal with establishing key cryptocurrency partnerships.

The marketplace is slated to launch later this year, and the firm is said to be tropical to penning partnerships with two crypto companies that will share technology and co-invest in the minutiae of blockchain and NFT games, withal with other spare NFT projects.

The news was warmly welcomed by after-hour traders who crush the price of GME up 26% since th market tropical to sit at $162.48 at the time of writing equal to Tradingview. After-hours trading (AHT) is often quite volatile due to a lack of liquidity in the market but impacts the price of a stock in a similar way to regular trading.

However, the WSJ’s lack of named sources, or uncontrived confirmation from GameStop has raised the eyebrows of some increasingly conspiratorially-minded GME fanatics. In a post that has 1,100 comments and a 97% upvote ratio on the r/Superstonk Reddit community, user “u/brettmagnetic” questioned if the WSJ vendible could unquestionably have that much of a bullish effect on after-hours GME trading.

“Sorry, but I don’t believe the movement in price without hours has to do with the WSJ posting well-nigh the Gamestop NFT market. I think something else is happening and this vendible was put out to requite the NFT market as the scapegoat for the price increase.”

User “MrFlags69” echoed similar sentiments, arguing that: “The tragedian credited ‘the people’ as the only source I saw. This is anything but journalism.”

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