GameStop’s NFT marketplace is now live, but does anyone care?
GameStop continues to be behind the curve.
The GameStop NFT marketplace has launched for gamers, creators, collectors, and community members. It will allow users to buy, sell, trade, and create NFTs.
Earlier this year, GameStop announced that it was working on an NFT marketplace. Fast-forward to today and the gaming retailer has followed through with its plans.
This is in spite of the ongoing crypto winter that has swept across the market liquidating thousands of positions across the board.
Enter the GameStop NFT marketplace
It is a non-custodial, Ethereum Layer 2-based marketplace that allows you to easily connect your digital asset wallets like the GameStop Wallet. It also supports other wallets like MetaMask.
The Public Beta version of the NFT marketplace is now live. However, you may be unable to access the beta site from certain locations without a VPN.
Although it is open to the general public, anyone who intends to create NFTs on the platform will have to register and apply.
As of the time of writing, the new NFT marketplace already boasts more than 250 collections and nearly 54,000 NFTs.
In the near future, it will support web3 gaming and Immutable X with whom it is currently offering a $100 million grant for creators on its platform.
But why now?
The question on the lips of some observers is, but why now? Why is GameStop starting an NFT marketplace when the general crypto market is bleeding?
Why now when it recently laid off staff and fired its former CFO, Recupero? GameStop is reportedly trying to diversify its portfolio and improve its fortunes, and it believes the NFT marketplace will be a key driver.
According to GameStop’s recent Q1 report, it made $1.38 billion in revenue but also recorded a net loss of $157.9 million.
The report also shows that GameStop made $1.28 billion in net sales in Q1 the previous year, with a net loss of $66.8 million.
Check out the GameStop NFT marketplace
Although the NFT marketplace is in beta, access is open to the public. You can look around and see if something catches your fancy.
Meanwhile, NFT sales have since slowed down across the board, even on larger NFT marketplaces like OpenSea.
Will we discover the next BAYC or Moon Birds on GameStop NFT, or will it flop and fail? Time will tell.
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