GameStop NFT Marketplace: If you’re a gamer or a cryptocurrency enthusiast, you may have heard about the GameStop NFT marketplace. NFTs, or non-fungible tokens, have been making waves in the digital world, and GameStop is getting in on the action by launching its NFT marketplace.
But what exactly is an NFT, and how does GameStop’s marketplace work?
We’ll break it down in this beginner’s guide for you.
What's the GameStop NFT Marketplace?
In July 2022, the creators launched the GameStop nonfungible token (NFT) marketplace during the crypto bear market. Despite being a traditional Web2 gaming company, GameStop has seen success with the platform, owing primarily to its distribution strategies in onboarding Web2 and Web3 users onto the marketplace. The rise of play-to-earn games and GameFi during the 2021 bull market sparked rumours late that year, including that GameStop was working on an NFT marketplace with ImmutableX.
As a result, GameStop benefited from a mature gaming ecosystem, particularly in the United States, into which it could tap. An established gamer ecosystem, relationships with creators and game studios, and ImmutableX’s Web3 leadership laid the groundwork for a well-planned NFT marketplace launch (Everything You Need To Know Concerning The NFT Marketplace).
How does GameStop's NFT Marketplace Work?
However, Ethereum, one of the most popular blockchain networks for creating and trading NFTs, will power the market.
GameStop’s NFT marketplace will likely allow users to buy, sell, and trade NFTs that are related to gaming. For example, you can purchase in-game items, digital art, or rare gaming memorabilia.
How to Make Use of the GameStop NFT Marketplace
Step 1: Link or Create a Wallet
As a new user, you must create or connect an existing wallet to the platform.
You can create a GameStop Wallet by going to the GameStop Wallet website. Users can get started by clicking “Download Now.”
The software prompts users to click “Create New Wallet” and requires them to read and agree to the Terms and Conditions. You’ll also need to securely save the 12-word Secret Recovery Phrase, also known as the seed phrase, which serves as your crypto wallet recovery password if you lose access to your account.
Create a password to access your GameStop Wallet.
Go to the login page of the GameStop NFT website, select your preferred wallet, and click to connect it.
By September 2022, connection was made between GameStop NFT and WalletConnect and MetaMask.
The company says support for additional wallet providers is “on the way.”
Step 2: Filling the Wallet with Money
You can skip this step if the connected wallet already has funds. New wallets, however, will need to be funded with ether (ETH) before performing any transactions. This is because to use the marketplace in the Loopring network, you must first add funds.
To begin, click on your avatar in the upper right corner, then select “Add funds to L2.” This will provide you with three options for funding your Loopring account:
- Buy ETH with a card.
- Deposit ETH from another wallet.
- Request a deposit from another ETH user.
Users can purchase ETH with debit or credit card funds through payment services Ramp or Wyre, which have low transaction fees. You can then choose one and enter the amount you want to deposit. Please remember that these services are only available in some U.S. states and jurisdictions.
Users can also transfer existing ETH from their connected wallet to the layer two networks of GameStop NFT. To do so, go to the “Deposit ETH from your wallet” section and enter the amount you want to deposit. Because this deposit method uses the layer 1 Ethereum mainnet, users will incur a gas fee, but subsequent layer 2 network transactions will not.
The platform also allows users to use a QR code to ask friends to send them ETH on Loopring.
Step 3: Buying an NFT
After you have completed all of the preceding steps, you can now purchase an NFT on the platform. First, begin your search for NFT collections by clicking “Explore” in the homepage’s top navigation bar.
This link will take you to a list of NFTs or supplies made by the platform’s creators. At the time of writing, more than 92,700 NFTs are on the forum.
To purchase, select the “Buy now” button to open a checkout window to confirm the transaction. Before clicking “Confirm payment,” double-check all of the details.
After the purchase is confirmed and successful, you can view your NFTs by clicking on your profile at the top right corner and selecting the wallet used to purchase the NFT.
Why is GameStop Getting into NFTs?
GameStop is a company needing help to stay relevant in the digital age. Their brick-and-mortar stores have been losing business to online retailers like Amazon, and their stock price has been volatile due to the recent “meme stock” phenomenon.
By getting into the NFT game, GameStop is trying to tap into a growing market for digital assets. NFTs have been selling for millions of dollars, and there’s a lot of excitement around the technology. By creating its own NFT marketplace, GameStop can generate revenue and attract a new audience of gamers and crypto enthusiasts.
How has the Marketplace Benefited GameStop?
To understand the traction and rise of GameStop marketplace platforms, one must first understand why any ecosystem would want to build a marketplace in the first place. A thriving commerce and exchange system is required for any economic machinery to function smoothly. Therefore, along with decentralization, one of the primary draws of Web3 companies (Web3 Game Development) is revenue generation via various financial models, in which NFTs play an essential role.
Marketplaces try to solve the main problem of needing a place to buy, sell, and trade NFTs. On the other hand, marketplaces can be more effective in creating a focused approach to what users can buy and sell.
As a result, a nonfungible token marketplace focused on gaming launched by a gaming behemoth would aid in the creation of better network effects via niche assets for a niche user base.
The GameStop NFT marketplace is an exciting development for gamers and crypto enthusiasts. While there’s still a lot we still need to learn about how the marketplace will work, it’s clear that GameStop is looking to take advantage of the growing interest in NFTs.
So if you’re interested in getting into the world of NFTs, keep an eye on GameStop’s marketplace as it develops.
1. How much does GameStop's NFT marketplace cost?
GameStop NFT charges 2.25% for every transaction on the platform.
2. How do I get started as a GameStop NFT creator?
To start minting on GameStop NFT, you must first become an approved Creator on our platform. To apply to be considered a Creator, go to the Creator Induction Form and select Become a Creator. You will be able to access the mint feature from your profile page if you are approved.
3. Is a license required to create an NFT?
NFTs are one-of-a-kind digital files, such as images or short videos, that use blockchain technology to establish verifiable ownership. If you want to create and sell NFTs, you’ll need an NFT license agreement.