Bloomberg Tax
July 11, 2022, 8:20 PM

GameStop Launches NFT Marketplace as Speculative Frenzy Cools

Olga Kharif
Olga Kharif
Bloomberg News

Retailer GameStop Corp. launched its long-awaited marketplace for nonfungible tokens Monday just as sales of such digital artworks dry up amid the crypto industry crash.

The marketplace is part of a push by GameStop Chairman Ryan Cohen to expand its array of digital services and online products in a bid to turn around the struggling video-game retailer.

But the company is following several others that entered the market before the boom in NFT speculation fizzled as the broader crypto markets came under deep pressure. Earlier this year, U.S.’s biggest crypto exchange, Coinbase Global Inc., launched its own NFT marketplace. ...