GameStop Discloses Its NFT Marketplace Launch Date

• GameStop, a trendy name among gaming retailers worldwide, has recently highlighted its NFT marketplace launch date in a recent report.

• Earlier it partnered with Ethereum based ImmutableX, which directed its interest in NFTs, Web3, etc.

• Last year the video game store saw massive support from Reddit users who facilitated skyrocketing prices of its stocks. 

GameStop, the popular and largest gaming retailer has finally made a step forward in the crypto space. The company has published its Quarter 4 the Fiscal year 2021 results. And the report signifies the plans of the video game store to roll out its very own NFT marketplace. 

The marketplace would launch somewhere around Q2 this year. The initial reports from the overview of the fourth quarter suggested that last spring, the company organized a huge crypto-driven recruitment campaign.

According to GameStop, they hired some additional individuals with experience in areas like blockchain gaming, e-commerce and technology, product refurbishment, and operations. 

Its Past Efforts towards the Web3 journey

Earlier the company announced its collaboration with ImmutableX, which is a layer two platform based on the Ethereum blockchain, hence this move by GameStop was somewhat anticipated.

And due to this partnership, the operation of the NFT marketplace would take place on the Ethereum Network. The enhanced transaction scalability on ImmutableX will provide 9,000 operations a second without charging any fees from the users. 

Furthermore, this partnership of GameStop with ImmutableX is quite a beneficiary one as the company would be receiving IMX tokens worth around $150 million. These tokens are planned to be delivered once GameStop would start to achieve the set targets and goals as they grow. 

And the money earned would be utilized to fund developers and creators who would be working on the platform and reportedly the video game store has sold 15 million IMX tokens that it received as a part of the collaboration.

Amidst this news of the NFT Marketplace launch by the company, it has reported some loss during the quarter 4 last year. GameStop has reported a loss of around $148 million. And this also had a negative impact on GME’s current stock. 

Last year was a significant one for the gaming company as the Reddit community made joint efforts to revive it and save it from Wall Street Hedge Funds. These actions helped the company’s stock to reach a peak by approximately 180%. 

Lately, a lot of entities have been thinking about concepts like Metaverse, NFTs, Web3, etc as they are continuously emerging and are contributing to companies’ growth. Apart from GameStop, Spotify also signified its interest in the space of the NFTs marketplace. 

And it is to look forward to how GameStop would further evolve in the future, especially in the NFTs sector. 

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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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