GameStop announced the long-awaited debut of its online marketplace for nonfungible tokens, or NFTs, Monday in a bid to reinvent its business and cash in on consumer adoption of cryptocurrencies and blockchain technology.
The platform allows users to connect their own digital asset wallets, including the recently launched GameStop Wallet, the company said in a press release. They will then be able to buy, sell and trade NFTs of virtual goods.
It’s the latest push by the videogame retailer, now chaired by Ryan Cohen, to invest in a digital future. GameStop is undergoing a turnaround following several years of financial struggles, brought on in part by its massive real estate footprint and the videogame industry’s rapid shift online.
Cohen, whose 2020 investment in GameStop helped to fuel a so-called meme frenzy, was tapped last year to lead those turnaround efforts. He brought in a fresh slate of talented leaders, including current Chief Executive Officer Matt Furlong and Chief Financial Officer Mike Recupero, both formerly of Amazon.