Why GameStop Shares Are Ripping Higher Today

GameStop Corp GME is trading higher Friday following reports suggesting the company plans to launch a business unit dedicated to NFTs and cryptocurrency.

According to a Wall Street Journal report, more than 20 people have already been hired to develop and run the online marketplace. 

The report suggests that the new business unit is expected to launch at the end of 2022.

The news follows the apparent launch of an NFT marketplace last year. The GameStop site calls on "all creators" to come build on the company's NFT marketplace. 

GameStop is also reportedly working on a pair of crypto partnerships which would better position the company to invest in blockchain game development.

Related Link: GameStop Shares Surge On NFT Marketplace Report: What Investors Should Know

GameStop is a U.S. multichannel video game, consumer electronics and services retailer, currently in the midst of a business transformation.

GME Price Action: GameStop has traded as low as $17.08 and as high as $483 over a 52-week period.

The stock was up 19.2% at $156.20 at time of publication.

Photo: Mike Mozart from Flickr.