GameStop, an American store that sells video games, consumer electronics, and gaming products, has opened its NFT marketplace, where gamers, creators, collectors, and other people can buy, sell, and trade NFTs.
This Monday, game store giant GameStop opened its NFT market. The new NFT marketplace will offer low prices and fast speeds.
Users can buy, sell, trade, and make their own NFTs in the marketplace. In addition, the marketplace has features that let users see statistics about NFTs and educational materials. Content for learning covers everything from the basics of NFT to how to connect a wallet to the marketplace.
The game is built on Ethereum layer 2, and users can connect to the marketplace using the GameStop Wallet or other wallets that work with Ethereum.
Recall that in February, the company announced a partnership with layer 2 blockchain Immutable X. Under this partnership, Immutable X set up a $100 million fund in its IMX tokens to give grants to NFT content and technology. As part of the deal, Immutable X agreed to give GameStop up to $150 million in IMX tokens when specific goals were met.
The market shows featured NFTs, NFT creators, and collections on the app’s main screen. The Explore interface also gives an in-depth look at the market. There are 236 NFT collections on the market at the moment.
Through Immutable X, Web3 games like Illuvium, Gods Unchained, and Guild of Guardians are coming to the market. Back in February, GameStop joined forces with Immutable X.
This is a public beta of the application, so users should expect gridlocks until the release of the full version of the marketplace.
Gamestop had reportedly experienced a challenging time this year. In Q1 of 2022, the company said it lost $158 million. However, according to the report, new brand partnerships have improved sales, which is probably a reference to the collaborative work it has had in the crypto market.
GameStop has good potential in the NFT space because its unique asset has application in the video game industry. For example, it could help players collect digital items and make game economies work better. Many companies are already working on this, and it could change the future of the video game industry.
There will be a lot of competition for the company from those already working with NFTs, but it could still give the company a boost that can help it reach new heights. Since the metaverse is also expected to grow, the NFT space may become even more critical in the near future.