GameStop Debuts New NFT Marketplace
- GameStop is set to debut an NFT marketplace
- The retail gaming firm is also set to launch a stablecoin
GameStop, the world’s largest retail gaming and trade-in destination for Xbox, PlayStation, etc. has confirmed its plans of launching a non-fungible token or NFT marketplace along with a stablecoin via a press statement.
As per the press statement, GameStop will now allow gamers, creators, collectors and other community members to buy, sell and trade NFTs, introducing them to a whole new world of digital collections based on blockchain networks.
Interestingly, the NFT marketplace by the gaming firm will be non-custodial, i.e., users which will include gamers, investors, as well as NFT enthusiasts, will all be able to own their assets fully and be their own bank without the involvement of a centralized entity or a third party.
GameStop also added in the press statement that the NFT marketplace will be constructed on Ethereum Layer 2 and will also allow users to connect their own wallets to the marketplace including the newly launched GameStop wallet.
As per the firm, the plan is to expand aggressively in the near future and also include Web3 gaming, more creators and other Ethereum environments on the platform.
Furthermore, the NFT platform is already available in the beta phase for the public, adding to the latest push by Chewy founder and activist investor Ryan Cohen towards the adoption of digital assets.
GameStop focuses on a digital future
It is important to note that it was Cohen’s investment in GameStop in 2020 that fueled a so-called meme frenzy and it was the reason he was tapped to lead the firm. Cohen them brought several new executives to the firm including the current Chief Executive Officer Matt Furlong, formerly of Amazon and Mike Recupero, as chief financial officer.
As of January 29, the firm operates a total of 4,573 stores including 3,018 in the United States and investors have often written off GameStop off as a legacy retailer with several storefronts in shopping maals that are no longer in fashion.
Moreover, as per its Q1 2022 earnings report, the firm has incurred losses worth $157.9 million on revenue of $1.38 billion.