GameStop stock jumps after company enters NFTs

The stock soared higher after the Wall Street Journal reported that GameStop was launching a new division. GameStop plans to develop a market for non-fungible tokens and establish a cryptocurrency scheme, a sector that has been popular among individual investors.

Shares posted even bigger gains earlier in the session and closed at $140.62. The company’s share price hit an all-time high during the Reddit-driven frenzy last year and is up more than 650 percent over the past year. But it’s been a rocky start to 2022 for mem stocks overall.

Shares of AMC Entertainment Holdings Inc. are down more than 15% in the first week of the year. Even with Friday’s gains, GameStop shares are down 5.2% for the week. The new division is the latest in a string of steps that company executives have taken to overhaul the retailer.

The company has specialized in selling hard copies of games, although many consumers are choosing to download and stream games over the Internet. GameStop was one of many companies hurt during the pandemic as businesses across the country closed.

Last year, GameStop had a shake-up within its executive team and it named activist Ryan Cohen as chairman. GameStop isn’t the only memorabilia adding crypto features to its business. AMC said last year that it would accept bitcoin in its movie theaters.

AMC Chief Executive Officer Adam Aron wrote on Twitter on Thursday that he has been “repeatedly asked when AMC is required to routinely accept Dogecoin and Shiba Inu for any and all payments made through AMC”. Hopefully” website and mobile app.

He said AMC is on track to implement the change in the first quarter of the year.