GameStop to Launch NFT Marketplace in Late Q2 GameStop survived a difficult and painful death last year under the tyranny of Wall Street hedge funds. GameStop now wants to make the most of this second chance by launching an NFT marketplace that will serve gamers, crypto-lovers, and tech enthusiasts.
GameStop, an American videogame retailer, revealed on March 17 that it would launch an NFT Marketplace by 2022’s second quarter. According to Q1reports, Immutable X will power the marketplace. This Layer 2 protocol runs on Ethereum and allows NFT to instantly be exchanged. Transaction scalability is 9,000 per second. There are no fees for its users.
GameStop Launches Its NFT Marketplace Faster
GameStop stated that the marketplace would open by 2022. But, according the new report, it has now been extended to late July. 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 delivered to the company upon reaching specific goals. The money will also be used for financial support for content creators as well as developers on the platform. GameStop already has dozens of employees who specialize in games, blockchain, eCommerce, and other technology areas. The marketplace may arrive sooner than anticipated.
Innovation is a constant process
Early last year, GameStop shares experienced exponential growth of more than 100% daily after several Reddit users joined forces to buy the company’s stocks in order to make Wall Street investors suffer. This endeavor ended up in what has been called the “mother of all short squeezes” on Reddit’s forums. Although the move by Reddit users didn’t last long, it pushed the company’s stock price from $17 to a peak of about $482. Yes, the stock plummeted shortly after, but it is currently trading at $87 — which is still a significant rise, all things considered. GameStop’s move helped it recover from its slump over the past several years, which saw its stock price drop to $2.5. The company also generated $2.254 billion in the last quarter. Although the news of a marketplace may excite many users committed to the company’s success, the truth is that they will soon be facing the big names in the cryptocurrency industry such as Binance, FTX, OpenSea and a new renowned competitor such as Coinbase, so the competition is going to be tight for sure.