Non-fungible tokens (NFTs) are unique digital tokens that are often represented as pictures, art, music, clips, virtual clothes, tickets, etc.
The NFT industry is highly competitive. This means that there are lots of projects contending for the spotlight. We try to throw some of these projects into the limelight and share some details about them. In this first part, we’ll look at the Gamestop NFT.
What is Gamestop NFT?
The US-based electronics company, GameStop, ventured into the NFT industry and established its own marketplace which has wracked up attention in a short while. The Gamestop NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace, where users have true ownership of their digital assets.
They are reportedly over 200 collections that users can browse through. In addition, the marketplace has more than 53,000 NFTs available for purchase. Users can buy, sell, and trade NFTs of video game items, including clothes, and weapons, on the company’s NFT platform.
— Abante Productions (@AbanteP_Film) October 4, 2022
In addition to NFTs, GameStop also released a non-custodial crypto wallet browser extension for Google Chrome and Brave web browsers. It allows customers to purchase Ethereum-based tokens and store their NFTs.
After finding it difficult to maintain sales as a retail location, GameStop announced cooperation with Immutable X in February 2022. Immutable X is a layer 2 scaling mechanism on the Ethereum blockchain that focuses on Web3 gaming. Additionally, the alliance established a grant for NFT developers of up to $100 million in IMX tokens from Immutable X.
GameStop charges a 2.25% fee per transaction and a creator royalty fee, which is determined by the NFT creator and may be between 0 and 10%. The platform pays creators a royalty each their NFT is traded on the marketplace. As of now, only authorized creators are allowed to mint. However, Gamestop is working on supporting NFTs created on other blockchains.
How to Buy Gamestop NFTs?
Beginners will need to create a wallet or connect an existing wallet to the platform. GameStop NFT currently connects to WalletConnect and MetaMask. However, you can create a GameStop Wallet by visiting the GameStop Wallet site.
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— DappRadar (@DappRadar) October 3, 2022
You also have to ensure your wallet, existing or new, has enough funds to support your purchase. You can also transfer existing ETH from your connected wallet to GameStop NFT’s layer 2 networks.
After completing the aforementioned steps, you can now buy an NFT on the platform. So, you need to select “Explore” from the top navigation bar on the homepage, and start searching for NFT collections. You will then be taken to either a list of NFTs or collections created by platform creators. There are over 90,000 NFTs on the platform.
Selecting the “Buy now” button will bring up a checkout window where you can complete your purchase. Before selecting “Confirm payment” be sure to double-check all the information.
Once the transaction is confirmed as completed, you can see your NFTs by clicking on your profile and selecting the wallet used for the purchase.
How Does Gamestop NFT Work?
GameStop hinted at its NFT marketplace in May 2021. The NFT marketplace is part of the company’s broader digital transformation. The NFT platform provides easier conversion for customers to set up a wallet powered by Loopring’s technology and reduced gas prices than its rival, OpenSea. Loopring offers high levels of security, being a decentralized Layer 2 solution. It also helps to reduce gas consumption.
The platform is easy to use. You can easily get in touch with a vendor and purchase your artwork if you want to buy fantastic art from the GameStop NFT Marketplace. However, you have to observe the following steps
- Create a wallet
- Fund the wallet
- Make your purchase.
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