Everything You Need To Know About – Gamestop NFT Marketplace And Its Benefits

Everything You Need To Know About – Gamestop NFT Marketplace And Its Benefits

NFT
July 28, 2023 by Diana Ambolis
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Non-fungible tokens (NFTs) have been gaining traction in various industries, with utility-based NFTs finding real use cases. GameStop, the world’s largest video game retailer, has joined the NFT experience with its own marketplace. Launched on July 11, 2022, GameStop’s NFT marketplace operates on the Ethereum blockchain and utilizes the layer 2 scaling solution, Loopring, for
GameStop's NFT marketplace operates on the Ethereum blockchain and utilizes the layer 2 scaling solution

Non-fungible tokens (NFTs) have been gaining traction in various industries, with utility-based NFTs finding real use cases. GameStop, the world’s largest video game retailer, has joined the NFT experience with its own marketplace. Launched on July 11, 2022, GameStop’s NFT marketplace operates on the Ethereum blockchain and utilizes the layer 2 scaling solution, Loopring, for efficient transactions. This article provides an in-depth guide to GameStop NFT marketplace and its unique benefits.

 

What is GameStop NFT Marketplace?

GameStop’s venture into the crypto space aims to revitalize its position in the gaming market. The partnership with Immutable X, announced in February 2022, laid the foundation for the NFT marketplace. The platform offers in-game assets like player skins and digital real estate. The main focus is on empowering players, as evidenced by the introduction of a non-custodial crypto wallet that integrates seamlessly with the marketplace. Users can also use other non-custodial wallets like MetaMask and WalletConnect.

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Technology Behind GameStop NFT Marketplace

GameStop opted for the Ethereum-based network, Loopring, to power its NFT marketplace. Loopring employs zero-knowledge rollups, a technology that ensures lower transaction fees and improved scalability. This process involves privately processing transactions and then consolidating them into single transaction blocks on the Ethereum network.

Also, read – Your Ultimate Guide To: How Do NFT Marketplace Make Money

Factors Driving the Popularity of GameStop NFT Marketplace

Several factors contribute to GameStop’s NFT marketplace’s popularity:

1. **Distribution Strategies:** GameStop leveraged its distribution network, allowing for better user experiences and accessibility.

2. **GameFi and Play-to-Earn Games:** The growth in GameFi and play-to-earn games further boosted GameStop’s marketplace, benefiting from its established gaming ecosystem.

3. **Adaptation and Relevance:** GameStop recognized the need to adapt and reinvent itself by exploring opportunities in web3 gaming.

4. **Media Attention:** The launch of the marketplace garnered significant media attention due to GameStop’s prominence in the gaming industry.

5. **Trading Volume:** Despite imposing a 2.25% marketplace fee, GameStop’s NFT marketplace generated impressive trading volume, surpassing rival Coinbase.

 

Benefits for Users on GameStop NFT Marketplace

GameStop’s NFT marketplace offers various advantages for users:

1. **Seamless User Experience:** The platform facilitates an effortless transition from web2 to web3, enhancing user adoption.

2. **Explanatory Videos:** Detailed ‘How-to’ videos simplify onboarding and usage for new users.

3. **Easier Conversions:** GameStop’s wallet offers on-ramping functionalities, allowing users to convert fiat currency to Ether without dealing with exchanges.

4. **Integrated Experience:** The platform enriches the gaming experience by offering web3 gaming collections.

5. **Environmental Responsibility:** GameStop’s NFT minting process is carbon-neutral, ensuring minimal environmental impact.

 

Impact of the Marketplace on GameStop

GameStop’s NFT marketplace benefits the company in various ways:

1. **Decentralization and Generative Revenue:** The marketplace offers decentralization and the flexibility for generative revenue through economic models.

2. **Safe Platform:** GameStop’s NFT marketplace provides a secure platform for buying, selling, and trading NFTs.

3. **Dominance in Web3 Gaming:** The marketplace positions GameStop as a major player in web3 gaming, competing with giants like OpenSea.

 

GameStop Marketplace vs. OpenSea

While GameStop’s marketplace is still relatively new, it shows promising signs of growth in the NFT market. As an early player, it aims to leverage its existing user base and gaming ecosystem to establish dominance in web3 gaming. OpenSea, a well-established NFT marketplace, has been operating since 2017. As GameStop matures in the web3 domain, a direct comparison with OpenSea may be premature.

 

How to Use GameStop Non-Fungible Token Marketplace?

Using GameStop’s NFT marketplace involves several steps:

1. **Connect the Wallet:** Users need to create or connect their wallets to the marketplace. GameStop’s NFT wallet and other compatible wallets like MetaMask can be used.

2. **Add Funds to the Crypto Wallet:** To conduct transactions on the marketplace, users must deposit Ether into the Loopring network.

3. **Explore NFTs:** Users can explore and purchase NFTs from the vast collection available on the platform.

Conclusion

GameStop’s NFT marketplace represents a significant shift from web2 to web3 gaming. Leveraging its distribution strategies and collaborations, GameStop has successfully entered the NFT space. The marketplace offers various benefits for users, including a seamless user experience and a wide array of NFTs. As GameStop continues to grow and mature in the web3 domain, it aims to become a major player in web3 gaming, providing users with unparalleled gaming experiences in the world of NFTs.