GameStop Latest Project Includes an NFT Marketplace amid Crypto Crash
GameStop recently announced its debut into the blockchain business with its own NFT marketplace and web3 wallet.
On May 19th, the company posted a cryptic tweet “gm” (good morning) on the official GameStop NFT account, which was enough to send GameStop stock to session highs. The account's first tweet also sparked speculation that the video game retailer was nearing the launch of its NFT platform. In an accompanying post, GameStop acknowledged the benefits of blockchain, arguing that it will give power back to players.
The GameStop NFT marketplace, which is currently in beta, is a platform integrated into an Ethereum-based cryptocurrency platform titled “Immutable X” and will enable users to browse, purchase or sell their in-game digital assets for a low price.
Immutable X stated there would be no gas fees for the minting and selling of NFTs to keep costs low, and the duo also established a $100 million fund for NFT gaming. Additionally, GameStop will receive $150 million in IMX tokens if certain milestones are met by the startup.
The platform was supposed to launch by July end, but Immutable X co-founder Robbie Ferguson hinted last month that it may launch four to eight weeks earlier, i.e., between June 1st to June 30th.
GameStop also released its Web3 wallet, which is a self-custodial Ethereum wallet, meaning you are always in control of your wallet and assets. The wallet allows users to take advantage of Loopring's capabilities and trade assets and collectibles for low fees.