Key takeaways:
- GameStop has launched a non-fungible token (NFT) marketplace in partnership with Immutable X
- The marketplace is currently in a public beta
- GameStop NFT saw more than $1.1 million in trading volume in the first 24 hours since going live
GameStop launches NFT marketplace in collaboration with Immutable X
GameStop, a Texas-based games, consoles, and consumer electronics retailer, has launched a beta of its non-fungible token (NFT) marketplace. According to the official statement, the marketplace will “allow gamers, creators, collectors and other community members to buy, sell and trade NFTs.”
The company, which has undergone significant restructuring in recent years, first announced plans to launch its own NFT market earlier this year. To this end, GameStop penned a deal with Immutable X, one of the leading Ethereum Layer-2 developers. The two companies agreed to launch a $100 million fund denominated in IMX tokens to support NFT developers in February.
In the statement, GameStop described its newly-launched marketplace as a “non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets.”
Over time, the company plans to expand the functionality of the marketplace to include “Web3 gaming, more creators and other Ethereum environments.”
In May, GameStop launched its own self-custodial blockchain wallet solution, which allows users to seamlessly access decentralized applications (dApps) on Ethereum, and store digital currencies and NFTs. GameStop Wallet can be installed as a browser extension on Google’s Chrome browser. The company is developing an app for the iOS operating system which will be available “soon”.
According to the collection stats data on GameStop NFT, the marketplace facilitated approximately $1,153,000 in total trading volume since going live (a little over 24 hrs at the time of writing). For context, Coinbase NFT that went live earlier this year cleared just $14,400 in total trading volume in the last 24 hours, according to Dune Analytics.
After hitting record figures in 2021, the trading volume of NFTs took a big hit this year. OpenSea, the world’s largest NFT marketplace, saw an overall decline in sales of 57% in June alone.
