GameStop launched its NFT marketplace in mid-July during the period when the cryptocurrency market experienced one of the worst drops in its history.
What is an NFT marketplace and how does it work?
NFTs are non-fungible tokens that are developed on the network blockchain. Each digital element can act as an NFT. NFTs are unique and cannot be copied.
With NFTs, you can own any digital asset. The best thing about NFTs is that artists can claim ownership of their work. Each NFT contains complete information about the digital asset. So even if you take a screenshot of an NFT, you won’t have access to its stored data.
There are many buyers looking for art to invest in. Buyers get something new to invest in and also get great returns on their investment. Now, buyers don’t have to wait for artists to display their work in an art gallery where they have to visit and buy something. They can simply buy their artworks online with the help of blockchain.
An NFT marketplace is then an online platform for buying or selling NFTs. On these platforms, the sale is possible through auctions, offers to buyers, or instant sales.
Simply put, NFT marketplaces work like e-commerce sites where you buy any ordinary item.
An NFT marketplace is in practice decentralized. It is generally independent of any central control body and relies on the blockchain to function. This means that NFTs can only be bought or sold using the cryptocurrency that depends on the blockchain used.
The marketplace earns its money through the transaction fees incurred during a sale. These fees can vary depending on the number of sales made on the platform, the price of the crypto used or even the marketplace itself.
The Gamestop marketplace
At the beginning of February 2022, GameStop was planning to open its own NFT marketplace. It’s now a done deal: the video game retailer launched in July 11 its platform for buying, selling and trading non-fungible tokens.
On the marketplace, over 200 collections and 53,000 NFTs are already available. When it comes to creating tokens, interested parties must apply via a paperform. On the platform, you can log in with your GameStop Wallet, but also with wallets like MetaMask and WalletConnect.
In a press release, GameStop says it wants to expand the functionality of its marketplace to include categories like Web3 games. For example, on its homepage, the marketplace announces upcoming support for Immutable X, a platform built on ethereum and used by some NFT games.
Gamestop’s NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain.
The marketplace allows parties to connect to their own digital asset wallets such as the recently launched GameStop Wallet. Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators and other Ethereum environments.
