GameStop Debuts NFT MarketPlace for Games Giving Power to the Players

Video games and accessories online retailer GameStop has finally launched its NFT marketplace in Beta after announcing its entry into the NFT craze earlier this year.
Image Source: Wikimedia

Quick take:

  • GameStop has officially debuted its NFT marketplace in Beta.
  • The online video games and accessories retailer said Thursday that its gaming NFTs will give players power.
  • The company plans to roll out Immutable X gaming collections soon following the beta launch of the NFT platform.

Popular video games and accessories online retailer GameStop has debuted its NFT marketplace in Beta. The company announced on Thursday via Twitter, adding that its gaming NFT collections are a way of giving players power.

“Meet the new kid on the blockchain,” GameStopNFT wrote, accompanying the text with a worded image saying “what the internet did for communication, blockchain will do for value.”

The statement drew some conflicting feedback from the community with some claiming that GameStop had chosen the worst possible time to debut its NFT marketplace. Moreover, the platform is yet to be populated with any NFT collections, though GameStop could be about to change that.

The online retailer has added an alert message in the top header section of its NFT marketplace telling users that “Immutable X Gaming Collections coming soon.”

GameStop has struggled since mid-2021. The company’s shares soared to new all-time highs before plunging at the mercy of social media chatter and manipulation. Since then, the stock has fallen into the category of meme stocks, which basically means companies that can be easily manipulated through social interactions to drive the price higher.

Therefore, it is no surprise that GameStop has jumped on the NFT bandwagon to try to find another lease on life. NFTs, to some degree, fall in the category of meme products given the rapid growth of the industry last year. Things cooled off slightly in February, before getting worse in the last few weeks.

GameStop’s debut couldn’t have come at a worse time you’d think. But from the perspective of investing, bargain hunters will tell you that it is always better to buy when everyone else is running away.

GameStop’s  NFT marketplace is unlike any other out there because it focuses on tangible products from one of the biggest industries in the world, gaming. 

The company has teamed up with Immutable X to launch a $100 million grant program to empower studios, developers, publishers and content creators. Among the targeted projects are AAA studios/publishers looking to launch NFTs with their IP, which again taps on an already thriving market.

The program also targets metaverses attached to established brand partners and content creators, as well as, game developers with games that have incredible traction.

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