GameStop NFT marketplace officially launches
Summary
Yesterday, GameStop officially announced the launch of its with Immutable X. The website now unlocks access to web3 games such as Gods Unchained, Immortal Game, and Guild of Guardians, amongst others.This announcement follows the of the NFT marketplace in July this year as a self-custodial platform providing gaming NFTs to GameStops players and Powerup Pro Loyalty customers.According to GameStops , as of January 2022, its loyalty program had approximately 50.5 million members, of which 16.1 million (31%) purchased or traded at GameStop in the previous year. Considering its member base and the opportunity for members to access the NFT through the GameStop wallet, the companys established user base could provide competition to existing NFT marketplaces, such as OpenSea and LooksRare, and Rarible.GameStops stock value surged in January 2021 as part of the meme-mania. Arguably, its entry into the NFT marketplace was purported to be redemption for the company. However, that remains to be seen, considering the recent drop in NFT trades across the board.The company lost more than $260 million in the first half of the year.Meanwhile, in February, Immutable X was announced as Gamestops Ethereum layer2 partner, along with a $100 million fund in Immutable Xs IMX tokens, which the parties were to grant to creators of NFT content and technology.