GameStop has launched the public beta of its highly anticipated NFT marketplace, much to the joy of its investors and the crypto community. The marketplace will allow gamers, creators, collectors, and community members to buy, sell, and trade NFTs, according to the press release, which was published on July 11.
GameStop brings NFT efforts to fruition
The GameStop NFT marketplace is accessible in multiple digital asset wallets, including the company’s own GameStop Wallet. The marketplace was developed in collaboration with Immutable X, for which GameStop received IMX tokens. The tokens have been sold for a sizable $77 million.
GameStop has been working on crypto and NFT initiatives for quite a while now, making a quiet announcement into the space in May 2021. In January 2022, the stock, which is popular among retail traders, spiked by 30% following the announcement of its NFT division.
The NFT marketplace could be the start of a new era for GameStop. The company has experienced something of a revival in the past 18 months. With the popularity of NFTs still strong, this revival may be even more pronounced going forward.
Not all smooth sailing
While the crypto developments have injected new life into the once-struggling company, GameStop has still had a tough time in 2022. The company reported a $158 million loss in Q1, 2022. It did note in the report that new brand relationships have boosted sales, which likely refers to the crypto efforts that it has been making.
GameStop does have good potential within the NFT space, as the unique asset has applications within the video gaming industry. It could serve as a way to collect digital items and facilitate in-game economies. Many companies are already working on this, and it could have an impact on how the video game industry pans out in the future.
The company will have stiff competition from the many that are now working with NFTs, but it could still offer a boost that can take the company to new highs. With the metaverse also projected to take off, the NFT space may take an even bigger space on center stage in the near future.
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