GameStop Has Launched Its Ethereum-Based NFT Marketplace: All You Need to Know

The GameStop NFT marketplace currently has artwork NFTs, but will add video game items soon.

By Shomik Sen Bhattacharjee | Updated: 12 July 2022 17:17 IST

GameStop Has Launched Its Ethereum-Based NFT Marketplace: All You Need to Know

Photo Credit: Reuters

Unfortunately for the GameStop, the recent crypto crash has dashed enthusiasm for NFTs

Highlights

The marketplace also features artwork hosted on OpenSea
GameStop's marketplace is Ethereum-based
NFT sales have dipped over the past few months

Less than two months following the launch of its very own Ethereum-based non-fungible token (NFT) wallet, video-game retail giant GameStop has launched open beta access to its NFT marketplace with initial support for digital art collectibles. The company describes the marketplace as a “non-custodial, Ethereum Layer 2-based marketplace.” GameStop's announcement advertises the marketplace as a way “to truly own… digital assets, which are “represented and secured on the blockchain.” Users can connect various crypto wallets to the site including the company's own GameStop Wallet.

Currently, the marketplace plays host to an array of artwork projects that run on the Ethereum mainnet as well as Loopring, a layer-2 scaling solution. GameStop previously announced a partnership to use the Immutable X layer-2 scaling network, but the marketplace notes that Immutable X support is “coming soon.”

While the focus right now is primarily on artwork, GameStop aims to be a major player in the NFT gaming space, in which NFTs are interactive items used within video games. GameStop and Immutable X launched a $100 million (roughly Rs. 745 crore) token grant fund to bring game developers onto the marketplace.

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There are already 53,300 NFTs and 236 NFT collections listed on the site. Though GameStop currently only supports NFTs minted on its own platform, it features collections also available on other marketplaces such as OpenSea.

To commemorate the marketplace's launch, GameStop has issued two NFTs that are not currently for sale.

Several other video game companies have pursued non-fungible tokens over the past several months, but GameStop was among the most anticipated companies pursuing that goal due to its status as a “meme stock” in early 2021. However, as per a GamesIndustry report, the company also seems to be downsizing for reasons unrelated to cryptocurrency, as it announced layoffs on 7 July.

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That said, NFT sales have been on the decline over the past few months accompanied by the market-wide crypto selloff.

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