GameStop’s Newly Launched NFT Marketplace – All you need to know about the release
NFTs. One phrase that is modifying the creative course of this decade. With the surge of non-fungible tokens came the release of platforms that make themselves fit as marketplaces for these tokens.
What is GameStop?
GameStop became popular in 2021 after the coronavirus lockdown was eased when the company company’s value shot from $2 billion to $24 billion in a few days. A company that handles video games, consumer electronics, and gaming merchandise retail, GameStop has now evolved into the Web3 space.
On Monday, July 11, 2022, GameStop launched its NFT marketplace to provide a platform for its community users, gamers, collectors, and creators to buy, sell and trade NFTs. The gaming company created a non-custodial, Ethereum-2 layer-based NFT marketplace that allows parties to own their NFTs truly by representing and securing them on the blockchain network.
Why is GameStop release important?
Following the announcement of plans to launch an NFT marketplace in 2021, the company reached Q2 2022 target when it launched the platform in July. The CEO of GameStop, Matthew Furlong, mentioned the company’s aim to evolve with its customers as collectibles, entertainment, and gaming increasingly intertwine with the digital asset and web3 communities.
The company will be charging a 2.25% commission for every sale made on its platform. Over $3.5 million has been spent on the 50 top NFT collections available on the platform since it launched on Monday. In addition, GameStop’s NFT marketplace has generated about $67,000 in royalties for the company.
The most sold collection on GameStop’s NFT marketplace is MetaBoy. The collection has been trending at the top of the chart for total volume since the platform’s launch. GameStop also provided its crypto wallet that allows users to connect to their digital assets wallet. This launch of its digital wallet makes GameStop more aligned with the practices of the crypto market.
Looking forward, Here is GameStop’s outlook
Although GameStop currently offers only artworks for sale on its NFT marketplace, the platform still experienced a steady flow in sales in its first week. Over time, the game will expand to categories like Web3 gaming (games that utilize NFTs and cryptocurrencies), more creators, and other Ethereum environments.
To this end, in February, GameStop already partnered with Immutable, a Sydney-based crypto platform. These two companies will launch a $100 million grant to back NFT gaming projects through its platform. Furthermore, the deal calls for Immutable to provide GameStop with $150 million worth of IMX tokens upon certain achievements of GameStop. With this, the company aims to be a major player in the NFT gaming space.
In conclusion, despite the present downturn of the crypto markets and Ethereum currently trading at about $1000, the launching of the NFT marketplace by GameStop is a big and bold step. This move has opened the doors for the gaming retailer to enter the Web3 world and create a room for itself in the NFT space. Now, it could be recognized as a platform for NFT trading, extending its frontiers to other parts of the world.