GameStop has launched the public beta of the NFT marketplace, which allows users to buy, sell and trade NFTs. The marketplace is based on tier 2 Ethereum and connects to the GameStop Wallet.
According to a press release released on July 11, the market will allow players, creators, collectors, and community members to buy and trade NFTs.
The GameStop NFT marketplace is accessible from multiple digital asset wallets, including the company’s own GameStop wallet. The marketplace was developed with Immutable X, from which GameStop receives IMX tokens.
GameStop has been working on crypto and NFT startups for some time now and is making a silent announcement into space in May 2021. Popular with retail traders in January 2022, the stock rose 30% after announcing its NFT episode.
While crypto development breathes new life into the once-struggling company, GameStop still had a tough time in 2022. The company reported a loss of $158 million in the first quarter of 2022.
GameStop has good potential in the NFT field, as the unique asset has applications in the video game industry. It can serve as a way to collect digital items and facilitate in-game economies. As the metaverse is predicted to take off, the NFT space may soon have an even larger center stage.