What is Gamestop NFT Marketplace and Why it Matters in the NFT Landscape
Gamestop is one of the global industry leaders in the gaming market. First established in 1984, this little startup grew tremendously, opening over 6,000 stores globally and exceeding $ 5.6 Billion in 2023.
This industry giant became a global powerhouse through its capability to adapt and evolve with the changing industry trends and innovations. One such innovation in recent years is the development of the NFT and Metaverse gaming markets.
While Gamestop’s distribution was accessible online, it did not accommodate NFT and metaverse purchases as of 2020. Numerous gaming enthusiasts desired to receive these services from Gamestop, as it is a household name in the gaming industry.
And finally, Gamestop delivered on expectations, launching a beta version of the NFT Marketplace in July 2021. This watershed moment signalled the company’s readiness to explore the next frontier of gaming to accommodate distribution services in this sector. This article will explore Gamestop’s NFT marketplace and how users can access it.
Key Takeaways
- Gamestop, the global gaming retailer, has launched an NFT marketplace, venturing into the Web 3.0 landscape.
- This marketplace allows participants to acquire, sell or mint NFT assets, gaming collectables and Metaverse games.
- This NFT marketplace provides a tailored and secure trading experience for gaming enthusiasts.
Examining The NFT Marketplace And Its Inner Workings
Gamestop NFT market is a fully-fledged digital marketplace, allowing users to trade, purchase and sell various NFT commodities, including NFT content, collectables and Metaverse video games. Security and asset ownership are the biggest concerns in the NFT market. Thankfully, the novel NFT platform accommodates both features with its encrypted digital wallet ecosystem, safely storing NFT assets into respective user wallets.
After its full-scale launch in July 2022, the marketplace swiftly climbed the ranks of market-leading NFT platforms, showcasing impressive trading volumes from day one. Shortly after, Gamestop announced its partnership with ImmutableX, further expanding its NFT and Metaverse portfolio.
This marketplace is an accessible and seamless solution for artists to showcase their digital work and access a global audience of customers. The platform’s peer-to-peer nature eliminates the need for intrusive third parties, further ensuring the security of traded assets.
Finally, the platform’s royalty feature enables creators to receive long-standing profits from their digital creations, giving them a profit share from every subsequent re-sale.
How To Set Up and Operate Gamestop Marketplace
Like every other service provided by Gamestop, this NFT marketplace offers a seamless user experience for purchasing and selling non-fungible tokens. Below, we outline the necessary steps to access and utilise the platform.
A Guide to Buying NFTs on Gamestop
-
Set Up Your Wallet
The first step is to connect your existing wallet to the NFT platform or set up a brand-new wallet using Gamestop’s extension on Google Chrome.
-
Acquire Crypto Funds for Trading
Two options exist to acquire Ether, the principal trading currency on the NFT platform. Users can purchase Ether from the Gamestop wallet extension or transfer funds from an existing crypto wallet linked to the NFT marketplace.
-
Transfer Trading Funds to Layer 2
The next step is to allocate your Ether coins from layer 1 to layer 2. This can be achieved by clicking the “profile” icon on the digital wallet software. After that, users can simply select a desired Ether amount to be bridged and transferred.
-
Explore the Marketplace
Users can freely browse the marketplace, selecting preferred NFT categories and genres. After finding the perfect NFT option for purchase, you can simply click the “Buy Now” button.
-
Finalise the Purchase
Some NFTs might require users to quantify the purchase selection. If so, users should select the desired amount of NFTs to purchase and click “Confirm Payment”. After that, the asset ownership is transferred to the purchasing party.
How To Become a Seller
-
Obtain the Creator Status
Gamestop NFT marketplace employs a rigorous examination process for aspiring NFT creators. Each individual must apply for a creator status and await the corresponding approval.
-
Upload the NFT Collection
Users can either form NFT collections or upload single NFT content pieces onto the marketplace. To finalise this process, users must add metadata for each image and click the “save” button.
-
Wait for the Review and Approval
After uploading the NFT collection, users must await the in-house review conducted by Gamestop’s team. Once the collection gets approved, users can proceed to mint their NFT collection. The minting process is quite simple, only requiring pressing the “mint” button, reviewing the corresponding transaction fees and waiting for the finalisation.
-
Manage and Finalise Your Collection
After the collection is available through the user platform, creators can set unit prices, personalise descriptions, adjust thumbnails and modify any other relevant details. Finally, the NFT collection is live on the marketplace, ready to be discovered globally.
Final Takeaway
Despite the recent turbulence and downturns in the NFT market, Gamestop’s innovative and seamless NFT marketplace has jump-started a new chapter in the industry. In 2023, Gamestop’s NFT marketplace is on a steady growth trajectory, aiming to dominate the Web 3.0 gaming landscape.
Although Gamestop joined the NFT market later than its competitors, it swiftly acquired a sizable market share and provided a platform up there with Opensea and other flagship names. Gamestop’s NFT-related future looks bright, promising to break new ground in this fledgling industry.
Despite joining the market later than some of its counterparts, GameStop has swiftly positioned itself as a formidable competitor by bringing innovation and fresh perspectives to the industry.
GameStop’s future in the NFT marketplace looks positive, promising a new chapter of growth and success for the company.
