GameStop Launches NFT Marketplace

GameStop has opened its non-fungible token marketplace, according to an announcement from the company today.

GameStop Launches Digital Art NFTs

GameStop has launched open beta access to its NFT marketplace with initial support for digital art collectibles.

The company describes the marketplace as a “non-custodial, Ethereum Layer 2-based marketplace.” Specifically, the marketplace is built on the Loopring.

GameStop’s announcement advertises the marketplace as a way “to truly own… digital assets, which are “represented and secured on the blockchain.” Users can connect various crypto wallets to the site including the company’s own GameStop Wallet.

There are already 53,300 NFTs and 236 NFT collections listed on the site. Though GameStop currently only supports NFTs minted on its own platform, it features collections also available on other marketplaces such as OpenSea.

To commemorate the marketplace’s launch, GameStop has issued two NFTs that are not currently for sale.

Marketplace Will Extend to Web3 Gaming

While early reports expected that GameStop would integrate NFTs with video games, that feature is not currently available. Rather, the company will extend the platform to Web3 gaming and other Ethereum layers in the future.

Specifically, an upcoming Immutable X expansion will provide access to NFTs associated with games such as Illuvium, Gods Unchained, Guild of Guardians, Ember Sword, and Planet Quest.

Various other video game companies have pursued non-fungible tokens over the past several months, but GameStop was among the most anticipated companies pursuing that goal due to its status as a “meme stock” in early 2021.

However, the timing of GameStop’s NFT marketplace launch may be inopportune, as NFT sales began to decline this summer.

The company also seems to be downsizing for reasons unrelated to cryptocurrency, as it announced layoffs on Jul. 7

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.