Cover-Credits:
GameStop launched its NFT (Non Fungible Token) marketplace GameStop NFT by making an official announcement on 31st October. The retailer has partnered with ImmutableX to build and manage digital assets that are traded on the marketplace. Some of the titles in the GameStop NFT marketplace include "Gods Unchained", "Guild of Guardians" and "Illuvium". The partnership between both entities commenced earlier in February with the announcement of the $100 Million USD IMX Grant Program which promised monetary support to game developers, creators, and builders. Recently, GameStop also partnered with FTX to enable crypto exchanges for GameStop customers.
What’s in store at the GameStop NFT marketplace?
The GameStop NFT marketplace has around 53,000 NFTS and 236 NFT collections in total listed on the site. Currently, GameStop only supports NFTs created on its own platform but it includes collections from other marketplaces such as OpenSea. The marketplace is currently in the process of enabling 100% gas-free transactions and carbon neutral minting to users. The GameStop NFT marketplace is described by the company as a “non-custodial, Ethereum Layer 2-based marketplace” that is built specifically on the Loopring. Users are now enabled to connect various crypto wallets to the site, including the company's own GameStop Wallet, a beta-self custody crypto-wallet that is integrated with the marketplace along with Walletconnect and Metamask.
Additionally, GameStop announced that in commemoration of the launch of the marketplace only 0.1% of the seller fee and buyer fee will be deducted from each listed transaction.
Immutable X-based games like Gods Unchained, Illuvium, and Guild of Guardians are among some of the titles that have their respective interactive NFT items available via the GameStop NFT marketplace. These NFT items include tokenized, tradeable items such as digital trading cards and customizable land plots, among many others.
Jonathan Reedy, Vice President of Strategic Partnerships at ImmutableX, told Coindesk that both GameStop and ImmutableX intend to bring in new web3 games by offering educational materials and introducing in-person and virtual gameplay down the line.
The official Twitter handle of GameStop NFT announced on 20th October that it will also be starting with an educational series for non-crypto natives to learn about NFTs.
History of GameStop’s NFT marketplace
According to GameStop’s financial report, as of January 2022, its US loyalty program had approximately 50.5 Million members, of which 16.1 Million (31%) purchased or traded at GameStop in the previous year. Considering this a big opportunity, the company decided to compete with existing NFT marketplaces, such as OpenSea, LooksRare, and Rarible. Following this, GameStop’s partnership with Immutable X was first announced in February and its NFT platform has been operating as a public beta since July.
