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TipRanks 2022-08-23 08:10:13

GameStop (NYSE:GME) Stock: Troubles Hit the NFT Business

Investors who rushed into GameStop (GME) stock on hopes that the company’s crypto business would boom might need to rethink their strategy. It turns out that GameStop’s non-fungible token (NFT) marketplace sales that initially soared are now falling. GME stock is taking the heat amid the shrinking NFT sales. GameStop primarily operates a video game retail business. In July, it moved to try its luck in the crypto space, launching a platform for trading NFTs. GME stock spiked on the back of the NFT marketplace debut as investors cheered to welcome another crypto stock opportunity. In GameStop NFT marketplace’s early days, the business boomed.

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