GameStop launches its NFT Marketplace Public Beta
GameStop has launched the public beta of its NFT marketplace, which allows users to buy, sell and trade NFTs. The marketplace is based on layer 2 Ethereum and also links to GameStop Wallet.
GameStop has launched the public beta version of its long-awaited NFT marketplace, much to the delight of investors and the crypto community. The marketplace will allow players, creators, collectors and community members to buy, sell and trade NFTs, according to the July 11 press release.
GameStop brings the NFT effort to life
The GameStop NFT marketplace is available in several digital asset wallets, including the company’s own GameStop wallet. The marketplace was developed in collaboration with Immutable X, for which GameStop received IMX tokens. The tokens have been sold for a significant $ 77 million.
GameStop has been working on crypto and NFT initiatives for some time now, and made a quiet announcement in space in May 2021. In January 2022, the stock, which is popular with retailers, rose 30% after the announcement of their NFT division.
The NFT marketplace could be the start of a new era for GameStop. The company has experienced something of a revival in the last 18 months. With the popularity of NFTs still strong, this revival may become even more pronounced in the future.
Not everything goes smoothly
While cryptocurrency development has injected new life into the once thriving company, GameStop has continued to have a tough time in 2022. The company reported a loss of $ 158 million in Q1, 2022. It was noted in the report that new brand relationships have increased sales, which probably refers to the crypto effort it has made.
GameStop has good potential in the NFT area, as the unique resource has applications in the video game industry. It can serve as a way to collect digital items and facilitate in-game economies. Many companies are already working on this, and it may have an impact on how the video game industry will develop in the future.
The company will face stiff competition from the many who now work with NFTs, but it can still offer a boost that can take the company to new heights. With the metaverse also estimated to take off, the NFT space can take even more space on the stage in the near future.
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