GameStop Will Launch NFT Marketplace in Q2 2022

GameStop was saved from what appeared to be a painful and slow death by greedy Wall Street hedge fund investors last year. GameStop is now launching an NFT marketplace for gamers, crypto enthusiasts, and tech lovers to help them.

GameStop, an American video game retailer, announced its intention to launch an NFT Marketplace in the second quarter 2022.

According to the Q1report, Immutable X would power the marketplace. It is a Layer 2 protocol that runs on Ethereum. This allows NFT to be instantly exchanged with a transaction scalability up to 9,000 operations per seconds and without any fees to its users.

GameStop Accelerates the Launch of Its NFT Marketplace

GameStop had announced last February 3 that the marketplace would launch by the end 2022. However, the new report states that the launch date has been moved to late July.

GameStop, on the other hand, announced that it has created a $150 million fund of IMX tokens (the official cryptocurrency of Immutable X) and will deliver the funds to the company when they reach certain goals. A portion of this money will be used to support content creators and platform developers.

GameStop already has dozens of employees who specialize in games, blockchain, eCommerce, and other technology areas. The marketplace may arrive sooner than anticipated.

Innovation is a constant process

GameStop shares saw an exponential increase of over 100% per day in the early part of last year after Reddit users joined forces and bought the stock to make Wall Street investors miserable. Reddit users have called this the “mother of all short-snakes”.

Reddit users’ move didn’t last very long but it drove the stock price of the company from $17 to $482. Although the stock fell shortly thereafter, it currently trades at $87, which is still a substantial rise.

GameStop was able to rebound from its long-term slump that saw its stock price fall to $2.5. The company also generated $2.254 billion in the last quarter.

While the announcement of a marketplace may be exciting for many users who are committed to its success, the truth is they will soon face the major names in cryptocurrency such as Binance and FTX. OpenSea, Coinbase, and a new renowned competitor like Coinbase. So the competition is going be fierce.