What You Need To Know About Gamestop’s NFT Marketplace
Gamestop recently announced the planned launch of its NFTmarketplace on Immutable X, and they’ll also partner with Immutable X to create an NFT fund of up to $100 Million.
Gamestop Goes in Deep
The world has waited patiently to see what Gamestop’s next move will be in the world of NFTs, and in February 2022, they made their big announcement. GameStop is collaborating with Immutable X to launch a marketplace for NFTs before the end of 2022.
That’s not all; this partnership goes beyond this, and they’re also in the process of creating a fund that’ll focus on helping game studios and developers access grants to help them build on Immutable X and the proposed NFT marketplace. This fund may end up being as large as $100 Million, and if GameStop achieves this, it’ll mean a radical shift in the world of NFTs.
Speculation over how GameStop will leverage their popularity and borderline “cult followership” to make their entry into the scintillating world of NFTs has been on the increase, and it only increased after Ryan Cohen got involved with the company. GameStop has come a long way over the last few months, they went from a struggling company to a meme stock, and now they’re an enterprise involved in Web3 technology and cryptocurrency.
Immutable X Over Loopring
There’s no argument that a considerable amount of NFT “Apes” expected Loopring to be GameStop’s exchange of choice. For months, there have been speculations that GameStop will partner with Loopring, a decentralized exchange platform.
Loopring is at the forefront of embedding a trading program with the blockchain of an existing cryptocurrency, making transactions cheaper and faster. GameStop is one company that cannot afford to overlook investors’ opinions. Over the past few months, Loopring’s popularity has made it the first choice for GameStop’s retail shareholders. There’s little wonder why the company went above and beyond in mentioning Loopring in their U.S SEC 8k filing.
GameStop’s decision to go with Immutable X came as a shock to a considerable amount of their Legion of Apes. It resulted in a 7% dip in the value of Loopring’s LRC token after GameStop’s announcement.
Convincing the Gaming Community
A sizable segment of the crypto community consists of gamers that subscribe to the school of thought that NFTs are nothing but a cash grab. These sets of usually hardcore game developers and gamers do not hold back when they express their displeasure about NFTs on social media.
For some reason, a considerable amount of hardcore gamers have a low affinity for NFTs, and GameStops’ customer base consists of a sizable amount of hardcore gamers. It’s not clear how this segment of customers will react to GameStop’s recent direction, but one thing is for sure, GameStop has a lot of convincing to do over the next few months.
GameStop is looking to motivate developers to build on Immutable X, thereby leveraging Ethereum’s open ecosystem to reduce exorbitant NFT gas fees.