Gamestop launches beta version of NFT marketplace

GameStop unveiled the beta version of its non-fungible-token (NFT) marketplace on Tuesday, to allow gamers, developers, collectors, and other community members to purchase, sell and exchange NFTs.

Users have been informed that the beta version of the platform would have eros. This would be an issue until a full version of the NFT marketplace is made available.

Despite still being in its beta phase, the NFT marketplace is luring several high-profile partnerships. Multiple Web3 games like Illuvium, Gods Unchained, Guild of the Guardians, and others have been launched on the platform, with the help of ImmutableX.

The company's NFT marketplace will be a non-custodial Ethereum Layer 2-based marketplace that would enable participants to hold the custody of their blockchain-based digital assets themselves.

The new marketplace features more than 200 collections for browsing. The marketplace also lists over 53,000 NFTs. Customers are allowed to trade NFTs of various video game items like clothes, weapons, and other characteristics of the various avatars.

Gamestop announced in a statement, “Over time, the NFT marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators, and other Ethereum environments.”

A beta version of a cryptocurrency wallet was released by GameStop in the month of March. This wallet enabled users to buy and sell their cryptocurrencies and NFTs in-game, without having to exit.

Just like its NFT marketplace, GameStop’s crypto wallet was also non-custodial. 

Despite its bullish foray into the Web3 world, Gamestop has been struggling financially. The corporation lost more than $380 million in its fiscal year 2021. The company recently laid off a significant number of its employees, including the CFO Matt Furlong.

The GameStop NFT marketplace will compete with existing platforms in the industry, such as OpenSea, amongst others. OpenSea is the largest NFT marketplace in the world. Interestingly, due to the general bearish sentiments of the crypto markets, in June 2022, OpenSea’s NFT sales dropped by over 70 per cent month over month compared to 2021.

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