On July 11, the Gamestop NFT marketplace went live. To many surprises, it recorded strong volumes in its nascent days of trading. With a net loss of $157M according to Gamestop’s recent quarterly report, the NFT marketplace could be a lifesaver.
In just the early days of trading, the Gamestop NFT marketplace has already recorded more than $3M of trading volume with a royalty rate of 2.25%. The platform has already generated $67,500 in revenue. Could this be the solution to the embattled video game publisher’s woes?
What is The Gamestop NFT Marketplace?
Launched on the Loopring network, an L2 scaling solution on Ethereum, the Gamestop NFT marketplace offers low costs and high transaction speed for its users. As Ethereum often faces high gas fees during periods of high traffic, this prevents many retailers from entering the space.
Let’s cruise – https://t.co/zhNbY36C2x is here!
GameStop NFT has launched for gamers, creators, collectors, and community members to buy, sell, trade, and create NFTs (“Non-Fungible Tokens”)! pic.twitter.com/KDyGkn6wNQ
— GameStopNFT (@GameStopNFT) July 12, 2022
Also, Loopring currently can process thousands of transactions per second and position Gamestop NFT marketplace to be a more cost-friendly platform. Currently, Gamestop has also introduced its very own non-custodial Gamestop wallet which can be used to purchase NFTs. To ensure it is easily accessible to the masses, Gamestop has also made it easy for fiat to crypto purchase.
Then, the company has laid out plans to introduce other web3 services such as gaming in the future. Currently, the marketplace has 345 collections listed and more than 57K NFTs. Its top-selling collection is Metaboy which is a set of 10,000 animated GIFs that accounts for a large part of the trading volume on the platform. Despite the large numbers it may seem to some users, these figures just touch the tip of the iceberg. It probably wouldn’t even make any difference to Gamestop’s bottom line should sales volume remain constant.
Accept your citizenship to Smircia and answer the question "Which Smirc are you?" @TheSmircs available at GameStop NFT pic.twitter.com/CBbPLZIYJ5
— GameStopNFT (@GameStopNFT) July 12, 2022
Challenges
Although Gamestop attempts to capitalize on the market opportunity, the move has come a little too late as the NFT market starts to decline. One example is Opensea. This NFT marketplace has recorded one of the sharpest as trading volume dipped to 695M in June 2022 compared to $2.5B in May 2022.
However, the Gamestop NFT marketplace has a lot of potentials. Here is a quick review of how to purchase NFTs here:
GameStop NFT uses Loopring Layer 2 to reduce transaction times & fees. To activate Layer 2:
Connect wallet > Add Funds > Click profile icon to open profile menu > Click 'Activate Layer 2' > Pay one-time fee > Approve
Now you can purchase NFTs from the GameStop NFT Marketplace. pic.twitter.com/5Ajp8bn5I0
— GameStopNFT (@GameStopNFT) July 14, 2022
Also, this NFT marketplace currently doesn’t offer bluechip NFT collections such as ‘Otherdeed for Otherside’ that we are familiar with from Opensea, Magic Eden, etc. Gamestop would need to do more to incentivize more users to want to switch from the popular NFT marketplaces such as Opensea to their platform.
Integrations
Immutable X continues to be Gamestop’s preferred partner for their NFT marketplace. With the integration of Immutable X, we would see more gaming NFTs on the Gamestop NFT marketplace. What this entails is a more user base for the ailing company. Who knows, this might just be the silver lining that the company has been longing for?
Gather round; the new trailer drop from Gods Unchained is here!@GodsUnchained @immutable pic.twitter.com/VaPp3Y6o4W
— GameStopNFT (@GameStopNFT) July 8, 2022
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