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Tuesday, February 27, 2024

GameStop’s NFT market has arrived simply in time for a crypto market crash

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GameStop is seemingly ignoring that complete ”crypto winter” factor and transferring forward with the launch of its own NFT marketplace, which is now open in what the corporate calls a “public beta.”

Proper now, you should utilize the platform to purchase, promote, and create NFTs. There are more than 200 collections you possibly can peruse and more than 53,000 NFTs listed on the marketplace. The artwork I’ve seen appears to be fairly customary NFT fare — in just some minutes of perusing, I’ve already noticed some some bizarre cat and monkey-themed collections, for instance. Unsurprisingly, you possibly can join the newly-launched GameStop Wallet to handle your digital belongings, although it’s also possible to use choices like WalletConnect and MetaMask. And never simply anybody can create an NFT on the platform — creators will need to apply.

GameStop has larger plans for {the marketplace} down the road, saying in a press release that it plans to “increase performance” into areas like Web3 gaming. On the NFT market homepage, GameStop is already teasing that assist for Immutable X, a platform constructed on Ethereum that’s utilized by some NFT video games, is coming quickly. GameStop and Immutable X have additionally launched a $100 million grant program.

The gaming retailer first introduced in February that it deliberate to open its personal NFT market, however over the previous a number of weeks, gross sales of NFTs have fallen amid an even bigger downturn in crypto general. Crypto firms like Coinbase, BlockFi, and Crypto.com have needed to lay off workers in an try and climate the storm, however GameStop is surging ahead with its plans, regardless of its personal troubles. GameStop is opening its NFT market simply days after laying off staff and firing its CFO, and crypto efforts appear as in the event that they’re an essential a part of the corporate’s future; in a memo to workers in regards to the layoffs, CEO Matt Furlong talked about GameStop’s blockchain group within the very first sentence.

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