Gamestop shares rose 26% in hourly trading after the NFT division was released

Shares of Gamestop Corporation (GME), Reddit’s cult-favorite stock, rose a quarter on the hour after hourly trading, following a report by the Wall Street Journal on its forthcoming non-funky token (NFT) segment.

The United States retail game store company is quietly engaged in a job NFT Market Increased things by listing from May to October Many job opportunities Web3 and NFT for experienced software engineers and product vendors.

According to a Thursday Report From The Wall Street Journal, GameStop now employs more than 20 people to operate the newly built NFT unit.

An anonymous source familiar with GameStop’s plans told The Outlet that the unit was developing an NFT platform that would establish key cryptocurrency partnerships and enable the buying, selling and trading of gaming NFTs.

The market is set to launch later this year, and the company is reportedly in a joint venture with two crypto companies that will share the technology and co-invest in the development of blockchain and NFT games with other additional NFT programs.

The news was warmly welcomed by hourly traders after GME raised its price by 26% as the market was at $ 162.48 at the time of writing, according to Trading View. Trading after hours is often very volatile due to lack of cash flow in the market, but also affects the price of a stock just like regular trading.

However, the lack of named evidence in The Wall Street Journal or direct confirmation from GameStop has raised eyebrows of some more conspiratorial GME fanatics. A Mail With 1,100 comments and a 97% vote share in the r / Superstonk Reddit community, user u / brettmagnetic, The Wall Street Journal article questioned whether it would actually have a positive effect on GME trading after hours.

“Sorry, but I do not believe that the price movement after several hours is related to the WSJ post about the GameStop NFT market. I think something else is going on, this article was published to sacrifice the NFT market for price rise.

Redditor u / MrFlags69 echoed similar sentiments, arguing that the only source I’ve seen is ‘people’, which is nothing more than a magazine.

Neither GameStop nor RC is saying shit today. There is no WSJ on the GameStop page. I do not believe the AH pump was caused by news about NFT Marketplace, but rather a cover story that happens on BTS like forced FTD covering or margin calls. Anyway, I bought and kept. pic.twitter.com/jDQFtTYIBr

– ssddman.eth (0xssddman) January 6, 2022