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GameStop proceeds with NFT launch despite challenging times for crypto

GameStop is proceeding with the establishment of its own NFT marketplace, which is currently open in what the business calls a “public beta,” obviously disregarding the entire “crypto winter” issue.

NFTs can be currently purchased, sold and created using the platform. You can browse more than 200 collections, and the market has more than 53,000 NFTs listed. In just a few minutes of browsing, I’ve already found some strange cat and monkey-themed collections, for example. Naturally, you can use the recently released GameStop Wallet to connect, but you can also utilise services like WalletConnect and MetaMask to manage your digital assets.

Future plans for the market from GameStop include “expanding functionality” into things like Web3 gaming, according to a press release. GameStop is already hinting that Immutable X support, an Ethereum-based platform used by several NFT games, would be available shortly on the NFT marketplace portal. A $100 million grant initiative has also been started by GameStop and Immutable X.

The game shop first declared in February that it intended to launch its own NFT market, but recent weeks have seen a decline in NFT sales as a result of a larger overall decline in cryptocurrency. GameStop is advancing as cryptocurrency businesses like Coinbase, BlockFi, and Crypto.com have been forced to lay off employees in an effort to weather the storm.

In a statement to employees regarding the layoffs, CEO Matt Furlong cited GameStop’s blockchain division in the very first phrase. Days later, GameStop is starting its NFT market, and it appears that crypto activities are a significant part of the company’s future.

An American retailer of video games, consumer electronics, and gaming gear is called GameStop Corp. The business has its headquarters in Grapevine, Texas, a suburb of Dallas, and is the biggest seller of video games globally. As of 29 January 2022, the firm had 4,573 locations under the GameStop, EB Games, EB Games Australia, Micromania-Zing, ThinkGeek, and Zing Pop Culture brands, including 3,018 in the United States, 231 in Canada, 417 in Australia and 907 in Europe. The business was established in Dallas in 1984 under the name Babbage’s, and it adopted its present name in 1999.