GameStop Finally Launches NFT Marketplace, Market Shrugs

GameStop Corp (NYSE: GME) yesterday met its commitment made earlier this year when it announced the launch of its NFT marketplace. Referred to simply as GameStop NFT, a public beta version has now been made available to consumers.

The platform, which was created in partnership with Immutable X, a developer that has created a second layer to the Ethereum platform for the trading of NFT’s, is a layer-2 based marketplace, which enables transactions of NFT’s to be “represented and secured on the blockchain.”

The marketplace also enables consumers to connect to their digital wallets, and is expected to expand in the future to include more categories, including Web3 gaming, more creators, and additional Ethereum environments.

Despite the fanfare earlier this year for the platform, the company said very little on the launch of the platform, with executives not even bothering to provide quotes on the development. The market reception of the move, meanwhile, hasn’t been all that exciting either.

The lack of fanfare over the launch however may have something to do with the somewhat recent fallout in interest for NFT’s in general. One Twitter user highlighted that Google search queries for the term “NFT” is at the lowest level since early August 2021, and appears to be continuing to head lower.

That being said, after just a few hours of being launch, the stats publicly listed on the platform indicated that volume of over $1.0 million had already been achieved. At the time of writing, the most popular NFT appears to be the MetaBoy collection, with over $380,000 in volume alone.

GameStop last traded at $131.30 in pre-market trading, up roughly 1.0%.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.