Rumor has it that GameStop intends to enter the NFT and cryptocurrency markets, jumping nearly 30% after hours

GameStop (NYSE:GME) (GME.US) plans to enter the non-homogenized token (NFT) and cryptocurrency markets. Spurred by the news, the stock was up 29.37% to $169.51 after hours.

The report noted that GameStop has hired more than 20 employees to build and operate the NFT-focused business unit. The company is reportedly building an online site where customers can sell and trade virtual video game merchandise, including characters' costumes and weapons. The report also said that the company is approaching a select group of game publishers and developers and that the site will launch later this year.

Also, GameStop is about to sign agreements with two cryptocurrency companies to share technology and develop games that use NFT technology and blockchain. The company is looking to sign agreements with and invest millions of dollars in at least 12 different cryptocurrency companies this year, according to the report.