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GameStop launches NFT Marketplace during the cryptocurrency market crash – Mail Bonus

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In a press release on Monday, GameStop announced that they have now opened their own NFT marketplace. The NFT marketplace is in Beta testing and the public can connect and access the market by visiting the official GameStop NFT website and linking their wallet.

GameStop built the platform using Loopring blockchain technology. Loopring (LRC) is an Ethereum layer-2 zk-Rollup protocol, designed to help drive distributed cryptocurrency exchanges into the NFT marketplace. In the future, the company plans to add Immutable X.

The opening comes with a risk as sales of NFT shrink along with the cryptocurrency market.

Eventful in recent years

The GameStop game retailer has been around for many years and has retail locations throughout the United States. However, the future of the company was not bright, as more and more players switched to online gaming.

Things looked bad for corporate stocks, and Wall St guns decided it was time to shorten the stock. Little did they know that a “disgraceful” Reddit group of small investors would come together and defeat Wall St in their own game using the Robinhood business app. The result was to make GameStop a meme share and make the company $ 1 billion richer.

Since then, the company has invested heavily in blockchain and Web3 technology, which has gone so far as to set up a $ 100 million fund with Immutable X to support developers.

A recent memorandum sent to employees by CEO Matt Furlong states in the first line where they want to go;

Changes will be constant as we develop our business and introduce new products through our blockchain team. After investing heavily in the supply chain’s staff, technology, inventory and infrastructure over the past 18 months, our focus is on achieving lasting profitability.

However, it must be pointed out that not everything is optimistic for the company with the dismissals and dismissals of the CEO, just a few days ago, as Kotaku reported.

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GameStop and Immutable X

The GameStop platform will also add Immutable, a Layer 2 Ethereum-based blockchain that reduces some of the problems associated with trading on the Ethereum blockchain. The disadvantages include high energy consumption and expensive gas charges. Immutable X, on the other hand, frees up energy consumption by “merging hundreds of thousands of business records into one transaction”.

Immutable X is where some of the most talked about Web3 games are in development, including Illuvium, Gods Unchained and the Guild of Guardians. In the future, it will be possible to buy and sell NFT from these games on the GameStop NFT market.

GameStop launches NFT Marketplace

You can buy, sell and coin your own digital assets on the GameStop NFT Market by connecting a wallet. The platform supports 10 different digital wallet, including Metamask and Gamestop Wallet, which launched in May.

The GameStop NFT Marketplace has over 240 different collections, with standard fare of unchangeable icons, including Monkey and Cat-themed collections. However, there were others that stood out, including the interactive book NFTs entitled ‘Totally Predictable Tales’ and one of the authors, Daz 3D.

The future of the GameStop NFT market

There were rumors that the NFT market would include Web3 games, but this has not happened yet. At the moment you can trade with NFT

Finally, regarding the future of GameStop, the company announced

Over time, the market will increase its functionality to cover more categories such as Web3 gaming, more authors and other Ethereum platforms.

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