- GameStop partnered with Immutable X to unlock web3 games and products on its platform.
- GameStop awards ETH to the creators upon the selling or trading of their NFT.
Before diving into the GameStop NFT marketplace, let us briefly understand what GameStop actually is.
GameStop is a video game retailer, founded and headquartered in Grapevine, Texas in the year 1984, it was previously known as GSC holding corporation. GameStop operates in various channels and offers various products and services to users all around the world such as next-gen gaming accessories, systems, PC, and hardware.
GameStop has numerous websites through which it operates in the market some of which are, gamestop.com, gamestop.ca, GameStop.ie, gamestop.de, gamestop.es, GameStop.it to name a few. In addition to this, the company also deals in digital products like network point cards, downloadable content, digitally downloadable software, etc.
Understanding GameStop NFT Marketplace
GameStop launched its marketplace for Non-Fungible Tokens during the crypto bear market in July of 2022. The distributing strategies of GameStop to onboard the users of web2, as well as web3, has allowed it to get a hold in the market. GameStop has achieved this feat in spite of it being a web2 gaming organization.
Right after the launch, the platform recorded a trading volume of over 2.7 Million US Dollars (1831 ETH) along with 45,500 US Dollars of transaction fees. In comparison with Coinbase NFT marketplace, which was all the hype at the time of its launch, made merely 74,000 US Dollars on its launch.
This initial success of the company led them to their partnership with an Australia-based Ethereum layer-2-based solution company called Immutable X. The aim of this was, for GameStop, to be popular for providing a renowned ecosystem for gaming as well as using their relationship with content creators and gamers, and Immutable X’s web3 technology coming together to provide a conscientious platform for the users of GameStop.
GameStop also claimed that its partnership with Immutable X will allow them to do carbon-neutral crypto minting and trading on its NFT marketplace platform without incurring any gas fee costs.
How does GameStop NFT Marketplace Work?
On GameStop NFT Marketplace, users flaunt their one-of-a-kind NFTs. Buying NFTs on GameStop NFT Marketplace is like buying a second-hand car, you just have to contact the seller tell them you’re interested in buying, and just make the offer.
GameStop awards royalties to the creators whenever their NFTs are sold or traded in the marketplace. Whenever someone buys an NFT, it adds to their personal collection, and in turn the creator is awarded ETH along with some extra monetary support just as a gesture by the buyer.
The process of buying and selling NFT on GameStop is a prompt process. Whenever someone buys an NFT it gets delivered to their wallet in no time right after the payment is confirmed. The transaction is impossible to reverse once it has been confirmed unless, both the buyer and the seller are in agreement to do so.
On the GameStop NFT Marketplace, you can directly deal with creators, second-hand resellers, and brands. The primary aim of GameStop NFT Marketplace is to provide a hassle-free experience to its customers by establishing a direct connection between the buyer and the seller without the involvement of any third party.
