Why GameStop Stock Jumped 22.3% Today

The day started hot for video game retailer GameStop (NYSE: GME) after the company announced an NFT marketplace. Shares jumped 22.3% at the start of trading but started losing that bounce quickly and were trading 8% higher at 10:40 a.m. ET. 

The Wall Street Journal reported after the market closed on Thursday that GameStop is building a non-fungible token (NFT) marketplace and partnerships in the cryptocurrency business. About two dozen people have already been hired for the project, and management thinks it can translate the brand to a valuable position in the market.

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Source Fool.com