Big news for GameStop and for the non-fungible token market (NFT). The company, which has become a symbol of rebellion against Wall Street's "big" shareholders in the year 2021, is officially launching its NFT platform. Announced on Monday on the company's website, the public beta is online this morning.
Based in Grapevine, Texas, Gamestop is a company specializing in the distribution of video games and electronic equipment. In other words, it's a store chain that sells video games. In 2021 it had jumped to the headlines for the "GameStop scandal", which concerned the value of the company's shares. A case linked to a massive increase in the price of the shares, following a short compression action led by "small" shareholders. The latter opposed the big Wall Street shareholders.
In any case, GameStop is still standing and trying to diversify. And to do so, what better way than investing in Web3? Precisely for this reason, and following the events of 2021, the company announced the preparation of an NFT platform..
So in reality, this project is not new. As of February 2022, GameStop has partnered with Immutable X. A blockchain company that has developed a Layer 2 (L2) scaling solution for non-fungible tokens (NFT) on the Ethereum (ETH) blockchain. Following this agreement, Immutable created a $ 100 million fund, including IMX tokens. What does all this have to do with it? It is in fact on the basis of this partnership that GameStop received help and advice from Immutable X for the launch of its NFT platform. A gradual process, which now brings us to the heart of the matter.
GameStop - Official launch of the NFT platform
Expected by the public, the company had expected its NFT platform will be available by the end of July this year. The official launch was confirmed on Monday. With this platform, GameStop hopes to create a space for “Game makers, collectors and other community members to buy, sell and trade NFTs”.
Il Press release states that it isa non-custodial platform. Therefore, it allows users to “They truly own their digital assets, which are represented and protected on the blockchain”.. Users also have the option to log in from their wallet. Speaking of this last point, GameStop has also developed and launched its own wallet called " GameStop wallet. "
Another important point is that the company explains that its NFT platform will evolve. Indeed, Other functions may be included in the future. This is with the aim of “including additional categories, such as web games3, multiple creators and other Ethereum environments”. For example, the marketplace will support the Immutable X platform built on Ethereum (ETH).
In conclusion, GameStop is really entering the web3 with this NFT platform. The only downside is that it was launched in the middle of a bear market....
