Gamestop Launches NFT Marketplace

Thanks in part to the rise of GameFi, NFTs have become more widely used in the gaming industry and this year alone has seen several high-profile gaming companies launch NFT-related projects such as with Ubisoft. Despite the sometimes controversial response from gaming fans, NFTs continue to see a presence in the industry. 

Now Gamestop, the largest videogame retailer in the world, has made the bold move of opening its own NFT marketplace for Ethereum-based assets. This represents one of the biggest investments made in NFTs from within the gaming sector only a few months after plans for the marketplace were made public. 

Those in the crypto space might remember Gamestop not only as a gaming company but for the incident in early 2021 when Reddit users banded together to drive up the price of its stock in order to sabotage hedge funds that had shorted it. 

Details About the Marketplace

As per the press release regarding the marketplace, its purpose is to allow gamers, creators, collectors and other community members to buy, sell and trade NFTs. The marketplace has been designed to be non-custodial in nature and users may connect their own digital wallets to make use of it. 

Currently, the marketplace only supports Ethereum-based assets but there are plans for expansion that will allow for more creators and web3-based gaming. The homepage of the marketplace seems to only show NFT artworks for sale but gaming offerings are expected to arrive soon.

The site also teases the onboarding of Immutable X functionality in the near future. 

“Some of the biggest Web3 games in the world are being built on Immutable X, with more being announced soon. Immutable X is a leading layer 2 Ethereum scaling solution coming soon to the GameStop NFT marketplace. Immutable X is bringing access to millions of world-class gaming assets to the GameStop NFT marketplace and offers 100% gas-free and carbon-neutral minting and trading to users,” the site says.

While Gamestop has kept good on its promise to release an NFT marketplace, it has not been without its controversies. For one thing, over 100 employees of the company were laid off back in May 2022 and barely a week before the marketplace was launched, Gamestop fired its Chief Financial Officer, as well as an undisclosed number of employees. 

This, along with some gaming fans’ dislike for NFTs, means that this is a bit of a controversial choice. Still, only time will tell if this marketplace will prove to be successful and mark a positive turning point for the company. 

The Future of NFTs in Gaming

It is remarkable that despite the hurdles, NFTs continue to be pushed within the gaming industry. Given the overlap between gamers and those who would use things like NFTs, the two should ideally be a match made in heaven.

Perhaps what is needed is a project that expertly combines the two, giving gaming fans value for their money while also delivering on the NFT experience. Should such a project emerge soon enough, NFTs’ place in the gaming industry would be secured.