GameStop Launching NFT marketplace

What is the significance of NFT?

Driven by blockchain technology, NFTs are digital assets that can be linked to physical assets. The physical assets can range from works of art, music, and everything in-between. In-app, especially in-game purchases can also leverage the innovation of NFTs to boost end-user buying experience and eventually gain traction and earn revenue.

NFTs can be traded online with a cryptocurrency wallet. The exclusive ownership that comes with an NFT purchase allows owners to treasure owning assets that belong to them. This has resulted in the rise in popularity of these digital assets.

Although, NFTs are often used for collectibles such as art, sports videos, Gifs, digital masterpieces, video game purchases, music, sneakers, and other similar items. But the opportunities are limitless. For instance, Jack Dorsey – the co-founder of Twitter Jack Dorsey sold his first-ever tweet for a significant $2.9 million, as an NFT last year, as reported by CNBC. This proves how NFTs are surging as the next big thing in the industry. NFTs comes with a digitally coded unique signature that helps owners to claim exclusive ownership of the NFT.

What is an online marketplace?

An online marketplace like Amazon allows the sale of products or services over a digital platform. Multiple sellers transact with their customers over an online website. These marketplaces are tailored specifically to allow the customers to buy the products and services conveniently online.

An NFT marketplace is simply where an NFT can be bought online. OpenSea is a prime example of an NFT marketplace that allows traders to buy/sell NFTs.

Who is GameStop?
GameStop Corp is an American retailer that deals in consumer electronics and gaming merchandise. The Texas-based retailer has a presence in over 4800 stores worldwide.

Formerly known as Babbage, the company has been in business since 1984. Gamestop started selling video games and consumer electronics online in the 2010s, a transition from its brick-and-mortar retail model. In 2021, Gamestop’s shares skyrocketed in a short squeeze when members of a subreddit forum r/wallstreetbets started buying Gamestop (GME) and other meme-stocks.

Source: Wikipedia
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