GameStop’s NFT market has arrived just in time for the crypto market crash
GameStop appears to be ignoring the entire “crypto winter” and moving forward with launching its own NFT marketplace, which is now open in what the company calls a “public beta.”
Currently, you can use the platform to buy, sell and create NFTs. There are over 200 combinations to peruse and over 53,000 NFTs listed on the market. The art I’ve seen seems to be fairly standard NFT fare – in just a few minutes of perusing I’ve already spotted some weird cat-and-monkey-themed combos, for example. Unsurprisingly, you can connect the newly launched GameStop Wallet to manage your digital assets, although you can also use options like WalletConnect and MetaMask. And not just anyone can create an NFT on the platform – interested creators will need to apply.
GameStop has bigger plans for the market, saying in a press release that it plans to “expand functionality” in areas such as Web3 games. On the main page of the NFT market, GameStop is already teasing 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 toy retailer first announced in February that it plans to open its own NFT market, but over the past several weeks, NFT sales have slumped amid an even bigger decline in cryptocurrencies in general. Crypto companies like Coinbase, BlockFi, and Crypto.com have had to lay off employees in an attempt to weather the storm, but GameStop is pressing ahead with its plans, despite its own problems. GameStop opens its NFT market just days after laying off employees and firing its CFO, and crypto efforts seem like an important part of the company’s future; In a staff memo about layoffs, CEO Matt Furlong mentioned GameStop’s blockchain group in the first sentence.