The share of the computer game dealer had risen at times by around 2000 percent in the past year.
(Photo: Reuters)
new York The Reddit traders are back. Gamestop’s stock shot up around 15 percent in early New York trading on Friday. The “Wall Street Journal” had previously reported in detail on the plans of the computer game dealer. He wants to set up his own unit to deal with the subject of NFTs.
NFTs or non-fungible tokens are a type of digital certificate of authenticity that is mapped on the blockchain. Last year they experienced a real boom in digital art, music and fashion.
Gamestop’s plans to jump on this hype had been discussed months ago when the company published job advertisements.
Gamestop is one of the so-called “meme stocks” that investors use to coordinate and cheer each other on in online forums such as Reddit. The Gamestop share had risen at times by around 2000 percent in the past year, and other shares also experienced price explosions that could not be attributed to fundamental data. That had resulted in losses of billions for some hedge funds.
Top jobs of the day
Find the best jobs now and
be notified by email.
Recently, however, it had become quiet about meme stocks. Sentiment has recently been subdued, partly due to fear of rising key interest rates in the US. The Gamestop share has lost around a third of its value since September. The quarterly loss was also recently greater than expected.
More: Maximum 200,000 percent profit: These crazy trades worked in 2021.