GameStop Launching NFT marketplace

Moreover, Gamestop announced on May 26 2021, that it is working on an NFT platform that uses tokens based on Ethereum technology.

GameStop launches Beta NFT marketplace
Using Loopring’s L2 technology, GameStop launched a beta version of its NFT marketplace on March 23 2022, as revealed by Loopring’s head of growth Adam Browman. Here is a snapshot of the live beta marketplace.

With this launch, users can gain early access to the marketplace – set up their username/profile, make deposits, and more. “We believe that today marks an important inflection point for the entire NFT space, and we are excited to be a part of what’s to come,” Browman added.

Also, Gamestop announced its partnership with Immutable X Pty Limited to establish up to a $100 million fund in Immutable X’s IMX tokens. The fund is intended to be used as a grant for creator of NFT content and technology. Immutable X has declared that it will be focused on delivering a memorable experience in the marketplace. The company said that it is working to provide IMX token payments.

GameStop recently announced that it intends to launch its NFT marketplace by the end of Q2 FY’22, according to GameStop quarterly report. The video gaming retail giant is said to leverage its brand reputation and millions of loyal customers (from all over the world and across all age groups) to register on its NFT marketplace for their gaming needs. Moreover, GameStop has plans to form a cryptocurrency partnership. This will assist the company in creating gaming assets. The proof of ownership that NFT leverages will allow GameStop’s customers to buy the gaming assets via the marketplace.

The marketplace will allow the gaming retail giant to pivot from physical to online. The excitement and buzz around it has given an early impetus to the brand’s online foray. The marketplace which has been in the news since early 2021, has given the GameStop customer base online access via NFT to GameStop’s assets.

The customers can use their Ethereum wallets to connect with the marketplace and funds can be added via Loopring’s scaling solution. The marketplace also allows personalising your profile with your details. Although the functionality to trade in NFTs is not there at the moment, the company does add that it is in their pipeline.

The advantages of using Loopring’s layer-2 solution is that it is faster, cheaper to use, and energy efficient. Also, it inherits the security of the Ethereum.

GameStop’s shares have been surging since the marketplace has been announced. The marketplace is gaining traction and fuelling the excitement with the marketplace.

Conclusion
NFTs have been the talk of the town in the 2020s and GameStop – retail giant riding this wave is slowly edging to be part of the Fortune 500 again. The ownership and security of NFTs provided to digital assets have been put to great use by GameStop. Hopefully, the platform will live up to its hype once the NFT marketplace goes live.