GameStop is apparently ignoring all those winter crypto stuff and proceeding to launch its own NFT market, which is now open in what the company calls a public beta.
At present, you can use the platform to buy, sell and create NFTs. There are over 200 collections to browse and over 53,000 NFTs listed on the market. The art I have seen appears to be a pretty standard NFT fare after a few minutes of reading, I have already spotted some weird themed collections on cats and monkeys, for example. Unsurprisingly, you can plug in the newly launched GameStop Wallet to manage your digital assets, although you can also use options like WalletConnect and MetaMask. And not everyone can create an NFT on the platform, interested creators should apply.
GameStop has bigger plans for the next market, stating in a press release that it plans to expand the functionality to areas like Web3 games. On the NFT Marketplace homepage, GameStop is already anticipating that support for Immutable X, an Ethereum-based platform used by some NFT games, is coming soon. GameStop and Immutable X have also launched a $ 100 million grant program.
The game retailer first announced in February that it was planning to launch its own NFT market, but in recent weeks, NFT sales have fallen due to a larger decline in overall cryptocurrency. Crypto companies like Coinbase, BlockFi, and Crypto.com have had to lay off employees to weather the storm, but GameStop is moving forward with its plans despite its own problems. GameStop is opening its NFT market just days after firing employees and firing its CFO, and cryptocurrency efforts appear to be an important part of the company’s future; In a note to employees about the layoffs, CEO Matt Furlong mentioned blockchain group GameStops in the first sentence.