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On July 11, 2022, one of the worlds leading gaming retailers, Gamestop, launched its NFT marketplace. This public beta version of the GME NFT marketplace saw over $7 million in collection trading volume in its first week! With the rise of the gaming industry adopting new technologies and figuring out new ways to interact with fans, GameStop is literally a go-to spot for gamer communities and brands alike. On October 31st, the platform officially launched via a partnership with Immutable X – an Ethereum layer 2 scaling solution focused on blockchain/web3 gaming. In this guide, you will learn how to buy NFTs on GameStop, how to become a creator, and potentially make profits on the GME NFT platform!
After a massive downturn in physical store sales due to rising consumer needs in the digital realm, Gamestop saw itself outgrowing its old revenue model. The company’s adoption of web3 was announced in February 2022 alongside the web3 gaming blockchain Immutable X. The partnership allows zero percent gas fees and carbon-neutral minting on the Gamestop marketplace.
In July, the Gamestop NFT marketplace beta allowed users to trade already existing collectibles and digital artwork. The latest Immutable X launch allows in-game items to be sold on the marketplace. Gamestop also allows various wallets to connect and trade on its NFT marketplace. This includes its own “Gamestop Wallet”, added as a browser extension. Collectors can trade these digital collectibles on different marketplaces as well as transfer them to other NFT enthusiasts.
In addition, Immutable co-founder Robbie Ferguson stated, “The GameStop mission is literally power to the players, and that is exactly what we’re trying to do here.” The partnership also means that NFTs from games like Gods Unchained, Illuvium, and others will be available. Moreover, both companies also announced a $100 million fund to support the web3 gaming ecosystem. This grant also allows developers and builders to explore their ideas and build on top of the GameStop/Immutable X ecosystem.
Buying NFTs on Gamestop is a completely different experience from their e-commerce stores. GameStop enables cryptocurrency purchases, allowing users to buy directly from their marketplace. No middleman, custodian, or third-party agent involved. Buyers can make more rational, informed decisions about their purchases. The other key difference is that customers buy the NFTs directly from artists, brands, and other sellers in a completely decentralized manner. In the rise of the play-to-earn income stream, GameStop is looking to be a household name and dominate the industry.
The marketplace is built on accelerating community efforts and not the other way around. Another noteworthy difference is that customers have full control over their assets. They can choose to list their NFT for sale, transfer or trade it as they please. Unlike online store sales, the price for each collection/NFT is set by the market, rather than by the merchant. Lastly, users can also track each and every transaction. This means that they can trace transaction history and confirm the price, delivery details, etc. on the public ledger (blockchain).
Buying an NFT on Gamestop is really simple. All you need to do is follow the steps below to purchase your first Gamestop NFT:
Currently, the marketplace allows creators access via an invite-only process. Creators fill out an application form to enter and sell on the GME NFT marketplace. Visit the Creator Induction Form to become a Creator on the platform.
Once approved, you will then be able to create/mint your NFTs on the Gamestop Marketplace. Follow the steps below to mint your first NFTs on GameStop!
Please note: an NFT cannot be changed once minted. Its title, thumbnail, description, and any metadata are permanently uploaded to the Blockchain.
GameStop has announced further expansion into metaverses and interoperable crypto environments in the future. The company aims to shape the narrative of web3 and provide a long-lasting impact. Furthermore, as we witness the early days of blockchain gaming take shape, GameStop aims to do more than rake in lost profits for GME stock.
The GameStop NFT Marketplace mascot is an astronaut. The marketplace has also seen some controversy earlier this year. A GME creator depicted an image of an astronaut falling from what is seen as the Twin Towers on 9/11. The NFT was called “Falling Man“, and resembled an iconic real picture of a man falling from the World Trade Center during the tragic terror attacks. Gamestop revoked access and removed the creator from its NFT platform since the incident.
The GME NFT marketplace beta also provides free desktop and mobile wallpapers for visitors. Gamestop also has support from two Ethereum layer-2 solutions – Loopring and Immutable X. As time went on, Gamestop has specified that both the Immutable X and Loopring ecosystems coexist in the GME NFT marketplace ecosystem.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
Vineet is a storyteller based in Mumbai. Having previously worked for various web2 organizations as a journalist, instructional designer, and event manager, he got into blockchain in early 2021. As a musician by passion, he fell in love with the digital megastructures building the future of art and creativity. He believes that web3 unlocks creativity at a higher level, and works towards onboarding music projects to the space.
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