A Deep Dive Into Gamestop Launches It’s NFT Marketplace.

Yuvi
Yuvi
3 Min Read

GameStop’s NFT marketplace has been launched, possibly indicating the company’s aim to climb high in the capital market.

GameStop Launches Digital Art NFTs

Gamestop Launches It's NFT Marketplace.
GameStop.com

GameStop, the largest retail gaming destination has made its entrance into the crypto space. GameStop has published its Q4 fiscal year 2021 results. In this report appears, that the much-loved video game store has decided to launch its NFT Marketplace. The NFT Marketplace is said to be launched “by the end of the second quarter of the fiscal year 2022.” This means that the launch will occur around somewhere near June 30.

The initial reports from the fourth-quarter overview stated that the company had organised a huge crypto-driven recruitment campaign last spring.

GameStop had put focus on the fact that they, “hired dozens of additional individuals with experience in areas such as blockchain gaming, eCommerce and technology, product refurbishment and operations.”

This news comes as GameStop has recently declared several changes to the company’s employee base, including the firing of Chief Financial Officer Mike Recupero and other corporate-side job cuts, PYMNTS wrote.

READ MORE: OpenSea Blacklisted $27 Million Worth of NFTs

Unfortunately for GameStop, the recent crypto crash has whisked excitement for all things blockchain. Ether, the cryptocurrency with which most NFTs are bought, is down nearly 70% since the beginning of the year. NFT sales on OpenSea fell from $2.5 billion in May to $696 million in June. With ether sitting at around $1,000, there’s enough market activity for an incumbent company like OpenSea to chug along, but it will be far more challenging for a newcomer like GameStop.

Marketplace Will Extend to Web3 Gaming

Gamestop Launches It's NFT Marketplace.
Change The Game

While early reports expected that GameStop would incorporate 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.

Various other video game companies have pursued non-fungible tokens over the past several months, but GameStop was among the most scheduled companies seeking 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 undertook to decline this summer.

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

READ MORE: Russia to Launch Its First Blockchain.

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Posted by Yuvi
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Co-founder of Xryptonation.com, Senior Author, Editor, Blockchain Expert.
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