- GameStop launches NFT marketplace on ImmutableX.
- The company joined forces with FTX in September 2022.
- GME stock was trading at the market value of $28.88.
ImmutableX NFTs on GameStop
Gaming industry has given both, entertainment and income, to the gamers. According to a research, gaming will snatch the jobs of one out of three people. Sad! But it will offer a way to generate revenue streams while sitting at home. Interesting! Recently, world’s largest gaming merch retailer, GameStop launched an ImmutableX-based NFT marketplace to allow the users to buy, sell and trade the in-game assets.
The initiative will make it easier for the traditional gamers to monetize their in-game assets. Most of the gamers have to enter the black market to illicitly sell the assets. The marketplace will serve as a legitimate platform to eliminate any such activities among the gaming community.
Recently, GameStop landed a partnership with Sam Bankman-Fried backed FTX exchange. The company said in the announcement that they are looking forward to introducing GameStop users to FTX linked platforms. Furthermore, they added FTX gift vouchers in selected stores.
GameStop (GME) shares were trading at the market value of $28.38 at the publication time. Company stocks reached their all time high of $120 in January 2021.
Gaming Collectors Becoming Vital Elements in The Market
Gaming industry bagged $173.7 Billion in 2021, thanks to the pandemic which allowed the people to see the real potential of this market. The growth shows a positive sign for the gaming merchandise industry. How? Hardcore gamers are always into collectibles, and person with a solid fanbase can easily generate revenue streams through this.
It is a mystery to several folks around the globe how the gaming industry became a $170 B+ market. Average age of a gamer in the US according to research is 35 year old. Look at it this way, a kid will play Call of Duty Mobile for fun but never pays for it, but a “35 year old kid” like iFerg won’t even think for a second before throwing $1,000 bucks for Ascended Mythic Drop.
Similarly, hardcore gamers in the market are always collecting merchandise of their favorite games. And this is just a single aspect in generating revenue streams in the industry. According to the Guinness Book of World Records, Antonio Monteiro from the USA holds the biggest video collection of all time with 20,139 games in his possession.
According to a research by the World Economic Forum, gaming industry will grow to become a $320 Billion market by 2026. NFTs are trying to make their way into traditional gaming, but several gamers have opposed the concept in the past.
Source: https://www.thecoinrepublic.com/2022/11/01/gamestop-comes-up-with-nft-platform-on-immutablex/