Gamestop NFT Marketplace: A simple step-by-step guide

On July 11, 2022, one of the world’s leading gaming retailers, Gamestop, launched its NFT marketplace. This public beta version of the GME NFT marketplace received over $7 million in aggregate trading volume in its first week! With the rise of the gaming industry adopting new technologies and figuring out new ways to interact with fans, GameStop is literally a hot spot for gamers and brands alike. On October 31st, the platform was officially launched via a partnership with Immutable X – an Ethereum layer 2 scaling solution focused on blockchain/web3 games. In this guide you will learn how to buy NFTs at GameStop, how to become a creator and potentially make money on the GME NFT platform!

What is Gamestop NFT Marketplace?

After a massive decline in physical store sales due to growing consumer demand in the digital realm, Gamestop found itself outgrowing its old revenue model. The company’s use of web3 was announced in February 2022 alongside web3 gaming blockchain Immutable X. The partnership allows for zero percent gas taxes and carbon neutral imprinting on the Gamestop marketplace.

In July, the Gamestop NFT Marketplace beta allowed users to trade pre-existing collectibles and digital artwork. The latest Immutable X launch allows in-game items to be sold in the marketplace. Gamestop also allows various wallets to connect and trade on the NFT marketplace. This includes its own “Gamestop Wallet”, added as a browser extension. Collectors can trade these digital collectibles on various marketplaces, as well as transfer them to other NFT enthusiasts.

In addition, Immutable co-founder Robbie Ferguson stated, “The GameStop mission is literally power to the players, and that’s exactly what we’re trying to do here.” The partnership also means that NFTs from games like Gods Unchained, Illuvium and others will be available. Also, both companies announced a $100 million fund to support the web3 gaming ecosystem. This grant also allows developers and builders to explore their ideas and build on top of the GameStop/Immutable X ecosystem.

How does the GameStop NFT Marketplace work?

Buying NFTs at Gamestop is a completely different experience than their e-commerce stores. GameStop enables the purchase of cryptocurrency, allowing users to purchase directly from their marketplace. No intermediary, trustee or third party agent involved. Buyers can make more rational, informed decisions about their purchases. The other key difference is that customers buy the NFTs directly from artists, brands and other sellers in a completely decentralized manner. In the growth of the revenue stream to make money, GameStop is looking to be a household name and dominate the industry.

The marketplace is built on accelerating social efforts and not the other way around. Another notable difference is that customers have full control over their assets. They can choose to post the NFT for sale, transfer or exchange it as they wish. Unlike online store sales, the price of each collection/NFT is set by the market, rather than by the seller. Finally, users can also track each and every transaction. This means they can track transaction history and confirm price, delivery details, etc. on the public ledger (blockchain).

How to buy NFTs on Gamestop’s marketplace?

Buying an NFT at Gamestop is very easy. All you have to do is follow the steps below to buy your first Gamestop NFT:

1. 1. Create or connect a wallet: GameStop allows users to connect to their existing web3 wallet (metamask or other supported wallets) or download the native GameStop wallet as an extension on Google Chrome.
   2. Create a display name and configure your profile: You can then fill in all the necessary details on your wallet, including creating a display name of your choice and profile settings.
   3. Add crypto to your wallet: There are two ways to add crypto to your wallet. The first will be to buy ETH directly from the wallet you have connected to GameStop. This way you will have deposited ETH into your wallet on Layer 2. The other way would be to transfer ETH from an existing wallet (Layer 1) to the Layer 2 account/wallet connected to GameStop NFT.
   4. Activate layer 2 in your wallet: In case you were wondering, yes, you can directly activate your Layer 2 account at Gamestop. After depositing the money (ETH) into your GameStop linked wallet (Tier 2), select the “Profile” menu and click “Activate Tier 2”. This will open a dialog confirming the one-time fee to activate your Loopring Layer 2 account. You can then approve this transaction in your wallet.
   5. Use the built-in GameStop L1-L2 bridge to move your money to the correct network: Bridging Tier 1 and Tier 2 is easy at GameStop. After depositing money and activating tier 2 from steps 3 and 4 above, you can now bridge the tiers. After connecting to your wallet, click on the “Profile” icon. Then you can click on the “Deposit ETH” option and enter the amount you want to bridge. The transaction will happen automatically and you are now free to browse the marketplace!
   6. Find an NFT you want to buy: Click on the Marketplace tab “Explore” and browse the art/collections. If you like the vibes of a collection, just click the “Buy Now” button from NFT’s detail page.
   7. Pay: Finally, depending on each collection/issue of NFTs, you may be asked to select the number of NFTs you wish to purchase. Select the amount if necessary, then click “Confirm Payment” to complete the transaction.

How to make NFTs on Gamestop Marketplace?

Currently, the marketplace grants access to creators via an invitation-only process. Creators fill out an application form to enter and sell on the GME NFT marketplace. Visit the Creator Induction Form to become a Creator on the platform.

Once approved, you will be able to create/post your NFTs on the Gamestop Marketplace. Follow the steps below to make your first NFTs at GameStop!

Steps to become a creator on the GameStop NFT Marketplace

1. 1. Connect Wallet: Connect to the wallet and click on the profile icon. On your profile page, select the Create button to begin.
   2. Create collection: To stamp an NFT, it must be inside a collection. Select the “+” icon to create a new collection. You can then fill in the details by adding a title, thumbnail and other details. These details will remain editable after you create the collection as well.
   3. Add NFT details: Continue to add your NFT media to the site. You can also continue to describe the NFTs, add metadata and enter the number of editions you want to make of each of the NFTs.
   4. Wait for approval: After you hit save, your NFT moderators will review your NFTs. If successful, you will see a preview and it will be ready to stamp.
   5. Mint: Once you have prepared all the NFTs in your collection, click the Mint button. It will show you the transaction fees to stamp your collection. After approval, you sign the transaction. Do not navigate away from this page as the coining process completes.
   6. Enter price: After this step, you can find your new NFT collection in your wallet and profile page under the “Collections” tab. From there, you can set prices for your collection by clicking on an NFT. This will take you to the NFT details page. You can then list it for sale, transfer it or withdraw it to Tier 1 by clicking the Manage NFT button from the details page.
   7. Edit banners: You can edit the collection’s banner and thumbnail elements after this step. Click “Edit Collection” from the collection detail page to update your collection’s description, assets, and links.
   8. Finish: Finally, click Save Changes to find your NFTs in the marketplace.

Please note: an NFT cannot be changed once minted. The title, thumbnail image, description and any metadata are permanently uploaded to the Blockchain.

More about Gamestop Marketplace

GameStop has announced further expansion into metaverses and interoperable crypto environments in the future. The company aims to shape the narrative of web3 and have a long-lasting effect. Furthermore, as we watch the early days of blockchain gaming take shape, GameStop aims to do more than recoup lost profits for GME stock.

The GameStop NFT Marketplace mascot is an astronaut. The marketplace has also seen some controversy earlier this year. A GME creator depicted an image of an astronaut falling from what is seen as the Twin Towers on 9/11. Dubbed “Falling Man”, the NFT resembled an iconic real-life image of a man who fell from the World Trade Center during the tragic terrorist attacks. Gamestop revoked access and removed the creator from the NFT platform since the incident.

The GME NFT Marketplace beta also provides free desktop and mobile wallpapers for visitors. Gamestop also has the support of two Ethereum layer-2 solutions – Loopring and Immutable X. Over time, Gamestop has specified that both Immutable X and Loopring ecosystems coexist in the GME NFT marketplace ecosystem.