May 18, 2022

GameStop To Launch Its NFT Marketplace In Late Q2

2 min read

Last year, the community revived GameStop from what seemed like a sluggish and painful death under the claws of greedy Wall Street hedge funds. Now, GameStop wishes to give back and make the most out of this 2nd chance with the launch of an NFT marketplace to serve players, crypto fans and tech enthusiasts.

On March 17, American computer game retailer GameStop revealed its objectives to release an NFT Marketplace by the end of the 2nd quarter of 2022.

According to its Q1report, the market would be powered by Immutable X, a Layer 2 protocol operating on the Ethereum network, permitting NFT to be exchanged quickly with a transaction scalability of 9,000 operations per second, without charging any fees to its users.

GameStop Speeds Up The Launch Of Its NFT Marketplace

Last February 3, GameStop revealed that the marketplace would be launched by the end of 2022; however, according to the brand-new report, the launch date has actually been altered to late July of this year.

On the other hand, GameStop announced the creation of a $150 million fund in IMX tokens– the official cryptocurrency of Immutable X– that will be provided to the company upon reaching particular goals. Part of that cash will likewise be used to provide financial backing to material creators and designers of the platform.

GameStop has actually currently worked with lots of people concentrating on video games, blockchain, e-commerce, and various innovation areas, so perhaps the market could show up earlier than expected.

Innovating Once Again

Early last year, GameStop shares experienced exponential development of more than 100% daily after several Reddit users signed up with forces to buy the business’s stocks in order to make Wall Street investors suffer. This undertaking wound up in what has actually been called the “mom of all short squeezes” on Reddit’s forums.

Although the move by Reddit users didn’t last long, it pressed the business’s stock price from $17 to a peak of about $482. Yes, the stock plummeted soon after, however it is currently trading at $87– which is still a substantial increase, all things thought about.

Price of GameStop. Image: Tradinview
Price of GameStop stocks Thanks to that relocation, GameStop managed to recuperate from its multi-year downturn, which brought its stock cost to $2.5. It likewise assisted the company produce $2.254 billion once again throughout the last financial quarter.

Although the news of a marketplace might excite lots of users devoted to the company’s success, the truth is that they will soon be dealing with the huge names in the cryptocurrency market such as Binance, FTX, OpenSea and a new distinguished competitor such as Coinbase, so the competitors is going to be tight for sure.