What is GameStop NFT? All about GameStop’s deep blockchain plunge

Highlights

• After Coinbase, Binance, and LimeWire, now GameStop has entered the NFT marketplace sector
• GameStop is using Ethereum’s Layer 2 for its services, and it also introduced a wallet service in May
• GameStop has also dropped hints that it might use Ethereum’s ecosystem for more launches in future

Gaming and non-fungible tokens (NFTs) are increasingly deepening their alliance. Blockchain games like Axie Infinity and STEPN usually have NFTs, which can be bought and then traded on marketplaces like Rarible or OpenSea.

Now, a traditional video gaming retailer, GameStop, has entered the NFT space. Even though the announcement was made earlier this year when the company launched its crypto wallet services, the NFT marketplace has gone live on July 11. Let us explore all about GameStop blockchain and NFTs.

What is GameStop NFT?

GameStop has now become a participant in the NFT marketplace sector, where OpenSea is one of the biggest platforms. LimeWire also went live as a digital asset marketplace a few weeks back, and it simultaneously released its own “Originals” NFTs, alongside a cryptocurrency titled LMWR.

In a press release, the NYSE-listed retailer GameStop has said that its platform would allow purchasing and trading of NFTs. Creators can sell their digital assets using this Ethereum Layer 2 based marketplace.

It is notable that GameStop also launched a wallet for cryptocurrencies in May 2022. The NFT marketplace can be accessed using this or any other wallet. GameStop’s Wallet extension is said to be available on Chrome browser, allowing crypto storage and transfer activity through the web browser.

Is GameStop entering into metaverse?

The press release announcing GameStop marketplace for NFTs indicates that the company is planning something big. It talks about Web 3.0 -- a form of internet where users, not tech giants, might have the governing powers -- and “other Ethereum environments”.

Ethereum is one of the biggest blockchain networks, with support for virtually everything including new native tokens, new NFTs, new decentralised apps, new games, and so on.

Top NFT sales

The NFT market is teeming with big names. Famous popstar Madonna forayed into the NFT world in collaboration with Beeple in May 2022; tennis star Coco Gauff is also into NFTs now; and Hot Wheels has a full collection of digital assets for collectible lovers. Cristiano Ronaldo has also announced endorsing the NFT platform of Binance.

Top NFT assets include that of Beeple and Pak. CryptoPunk and BAYC are also two of the popular NFT participants.

Bottom line

GameStop, whose stock rally during the pandemic hit headlines, now seems to be riding the blockchain and digital assets wave. This could be viewed as a natural progression because gaming and NFTs are increasingly becoming inseparable. But the NFT space is quite competitive, with Coinbase and Binance as established players and specialised marketplaces like OpenSea. How GameStop competes in NFTs at a time when the crypto market is not in a very good shape, is yet to be seen.

Also read: Understanding basics of cryptocurrency taxation in Australia

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