By Will Feuer

 

Shares in GameStop Corp. gained 20% in premarket trading on Friday after The Wall Street Journal reported that the company is launching a division to develop a marketplace for nonfungible tokens and establish cryptocurrency partnerships.

The video-game retailer has hired more than 20 people to run the unit, which is building an online hub for buying, selling and trading NFTs of virtual video-game goods such as avatar outfits and weapons, the Journal reported, citing people familiar with GameStop's plans.

The stock was trading at $157.75 a share after closing at $131.03 on Thursday. Shares in the company have been a prime target for so-called meme traders, who helped send the stock more than 680% higher last year.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

January 07, 2022 06:42 ET (11:42 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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