Online video game and accessories retailer GameStop has finally launched its NFT marketplace in Beta after announcing its entry into the NFT craze earlier this year.
Popular online video game and accessories retailer GameStop has debuted its NFT marketplace in Beta. The company made the announcement Thursday via Twitter, adding that its NFT collections of games are a way to empower gamers.
“Meet the new kid on the blockchain,” GameStopNFT wrote, accompanying the text with an image that read “what the Internet did for communication, blockchain will do for value.”
📚 Meet the new kid on the blockchain #GameStopNFT pic.twitter.com/BIrLrmYnMp
— GameStopNFT (@GameStopNFT) May 19, 2022
GameStop and NFTs
The statement drew mixed reviews from the community, with some claiming that GameStop had chosen the worst possible time to debut its NFT marketplace. In addition, the platform has yet to be filled with any NFT collections, though GameStop could be about to change that.
The online retailer has added an alert message to the top header section of its NFT marketplace informing users that “Immutable X game collections coming soon.”
📚 So, what is blockchain? #GameStopNFT pic.twitter.com/RfMLpTXNGK
— GameStopNFT (@GameStopNFT) May 20, 2022
GameStop has been in trouble since mid-2021. The company’s stock soared to new all-time highs before plummeting at the mercy of chatter and manipulation on social media. Since then, the stock has fallen into the meme stock category, which basically means companies that can be easily manipulated through social interactions to drive price.
So it’s no wonder GameStop has jumped on the NFT bandwagon to try to find another lease on life. NFTs, to some extent, fall into the meme product category given the rapid growth of the sector last year. Things cooled slightly in February before taking a turn for the worse in recent weeks.
GameStop’s debut couldn’t have come at a worse time. But from an investment perspective, bargain hunters will tell you it’s always best to buy when everyone else is fleeing.
GameStop’s NFT marketplace is unlike any other because it focuses on tangible products from one of the world’s largest industries, video games.
The company has partnered with Immutable X to launch a $100 million grant program to empower studios, developers, publishers and content creators. Among the projects targeted are AAA studios/publishers looking to launch NFTs with their IP, again tapping into an already burgeoning market.
The program also targets metaverses tied to established brand partners and content creators, as well as game developers who have incredible traction.