The applications of non-fungible tokens or NFTs have been extending into new horizons. Discussions about utility-based NFTs have been transforming into real use cases. On top of it, big brands are getting on board with the NFT experience. The GameStop NFT marketplace is one of the biggest examples of the expanding popularity of NFTs.
GameStop, the largest video game retailer in the world, introduced a public beta version of its marketplace for NFTs on July 11, 2022. The decentralized marketplace focuses on gaming and has been created over the Ethereum blockchain. In addition, it also utilizes the layer 2 scaling solution Loopring for processing transactions.
The initial launch led to almost 5000 ETH worth of trading volume in the first week. It was officially launched on October 31, 2022, in collaboration with Immutable X, a layer 2 scaling solution on Ethereum. How is GameStop marketplace relevant in the world of NFTs and gaming? The following post offers you an introduction to the non-fungible token marketplace by GameStop and its unique benefits.
What is GameStop NFT Marketplace?
The GameStop non-fungible token marketplace is the outcome of the initiative by GameStop to initiate crypto integration. GameStop has struggled to maintain its relevance in the brick-and-mortar retailing market for games. The collaboration between GameStop and Immutable X was announced in February 2022. The partnership established the foundations for the NFT Marketplace GameStop would use for making a comeback.
Interestingly, the collaboration established a grant of almost $100 million in IMX tokens of Immutable X for NFT creators. GameStop had initially recommended that it had planned the inclusion of billions worth of in-game assets at low cost. The marketplace would offer access to in-game items such as player skins and digital real estate.
According to the co-founder of Immutable, the primary objective of GameStop’s non-fungible token marketplace focuses on empowering players. The company had launched a non-custodial crypto wallet for users to store, receive and send NFTs and cryptocurrencies. The GameStop NFT wallet works effectively with the NFT marketplace of the platform. In addition, you can also use other non-custodial wallets, such as MetaMask and WalletConnect, with the marketplace on GameStop.
GameStop has selected Loopring, an Ethereum-based network for powering the NFT marketplace with better scalability and lower transaction fees. You can find answers to “How does GameStop NFT marketplace work?” by referring to the technology behind Loopring. The power of zero-knowledge rollups helps in achieving lower transaction fees and better scalability. It accomplishes the same by ensuring private processing of transactions, followed by rolling them up in single transaction blocks on base blockchain networks such as Ethereum.
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Which Factors are Responsible for Popularity of GameStop NFT Marketplace?
The introduction to GameStop’s non-fungible tokens marketplace shows an exclusive impression of how a traditional web2 organization can shift to the web3 sphere. GameStop has been successful with its NFT marketplace by utilizing effective distribution strategies to get more users on the marketplace.
On top of it, the GameStop marketplace also rides heavily on the growth noticed in GameFi and play-to-earn games. GameStop has the competitive advantage of a mature and comprehensive gaming ecosystem, especially in the United States. The community of GameStop and its collaborations with game studios and developers offered a massive boost for creating the marketplace.
The fundamental premise behind the launch of the NFT marketplace GameStop planned with Immutable X is the scope for reinventing itself. GameStop recognized the need to adapt for the future and landed on the idea of exploring opportunities in web3 gaming. GameStop garnered a lot of traction in news outlets for launching the marketplace in 2022. It is one of the biggest video game retailers, and such a large-scale initiative was bound to grab attention in the media. On top of it, the trading volume of the marketplace immediately after the launch surpassed the all-time trading volume of their rival, Coinbase.
Interestingly, GameStop achieved such an impressive trading volume even after imposing a marketplace fee of 2.25%. The GameStop NFT marketplace also charges a creator royalty fee, which is defined by NFT creators. The creator royalty fee could range from 0% to 10%. In addition, creators could receive a royalty fee for every transaction of their NFT on the marketplace by GameStop.
Benefits for Users on GameStop NFT Marketplace
Most of the discussions around NFT accessibility point to the top non-fungible token marketplaces such as Nifty Gateway and OpenSea. You can rely on these popular NFT marketplaces for buying and trading non-fungible tokens. Interestingly, the world noticed the need to find answers to “How does GameStop NFT marketplace work?” due to the intuitive distribution strategies. GameStop leveraged the potential of its distribution network to provide better user experiences and accessibility. The biggest advantages for web2 companies like GameStop also point at their existing customer base, which increases exposure for NFTs and digital assets in web3.
The next important reason for the massive growth in popularity of GameStop NFT marketplace is the strategic partnership with Immutable X. Collaboration with a web3 firm such as Immutable X, with a formidable base in web3 gaming, enabled GameStop to deliver additional value to its users. On top of it, the marketplace also offers explainer videos, benefits of community initiatives, and allied products to users. Here is an outline of the most notable features for users on the new GameStop non-fungible marketplace.
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Seamless User Experiences
One of the foremost highlights of the NFT Marketplace GameStop launched in 2022 is the easy transition of users from web2 to web3. The marketplace offers an effortless shift towards web3 by overcoming the challenges of multiple customer journeys and onboarding touchpoints. GameStop has tailored its marketplace in a way that enables users to focus solely on the gaming experience in their customer journey.
Users of the GameStop non-fungible marketplace can also find detailed ‘How-to’ videos for better accessibility. For example, you can find how you can connect a GameStop NFT wallet or how to purchase non-fungible tokens on the marketplace by GameStop. The ‘How-to’ videos play a crucial role in simplifying the onboarding experience for new users.
GameStop offers a wallet to all users of its NFT marketplace, which also features on-ramping functionalities. Users could enjoy the benefits of converting fiat currency to Ether without any costs or trouble of interacting with exchanges.
The integrated experience for a new generation of gamers is one of the foremost highlights of the marketplace by GameStop. Gamers can make the most of web3 gaming collections on the marketplace to enrich their experiences. The most important highlight of GameStop’s non-fungible token marketplace is its environmental responsibilities. Minting non-fungible tokens on the non-fungible token marketplace by GameStop is completely carbon-neutral and does not impose unwanted gas costs.
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What is the Impact of the Marketplace on GameStop?
The outline of basic details about GameStop’s non-fungible marketplace sheds light on its benefits for users. At the same time, it is important to find out how GameStop has earned benefits from the marketplace. Why did GameStop build the marketplace? An effective exchange and commerce system is essential for smooth functioning of economic machinery.
You can reflect on responses for “How does GameStop NFT marketplace work?” to find out how it offers an effective switch for an organization. The most striking advantage for web3 companies is the assurance of decentralization and the flexibility for generative revenue through multiple economic models.
NFT marketplaces could provide the assurance of a safe platform for buying, selling, and trading non-fungible tokens. On the other hand, NFT marketplaces could be more specific and cater to the personalized needs of what the users want to purchase or sell. The introduction of NFT marketplace on GameStop served as an opportunity for the web2 company to leverage network effects and establish dominance in web3 gaming. Most important of all, the applications of non-fungible token marketplace by GameStop are in direct competition with giants like OpenSea.
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Is GameStop Marketplace Better than OpenSea?
The fundamentals of GameStop’s non-fungible token marketplace show that it is a revolutionary disruption in the field of web3 gaming. You can use the GameStop NFT wallet to purchase, sell or trade in-game assets and access other functionalities of the marketplace. At the same time, it is important to notice the dominance of OpenSea among NFT marketplaces.
As of now, GameStop is still a novice in the domain of NFT marketplaces. On the other hand, it has exhibited promising signs of growth for an early player among NFT marketplaces. OpenSea started around 6 years back in 2017, while GameStop is just discovering its roots. Therefore, it might be unreasonable to compare GameStop with OpenSea.
GameStop plans on tapping into the existing user base with gamers. The gaming retailer has introduced synergetic products and solutions for tapping into the NFT revolution alongside their non-fungible token marketplace. It wants to acquire new users and ensure their retention. Over the long term, GameStop plans on becoming a giant in the world of web3 gaming. GameStop could use the NFT marketplace to offer a one-stop destination to access a wide variety of web3 gaming experiences.
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How Can You Use the GameStop Non-Fungible Token Marketplace?
The most crucial highlight in a guide to the GameStop NFT marketplace would obviously focus on the steps for using the marketplace. Here is an outline of the important steps for using GameStop’s non-fungible token marketplace.
New users have to create a wallet or connect their existing wallet to GameStop’s non-fungible token marketplace. The primary option for new users is the GameStop NFT wallet by accessing the GameStop wallet website directly. After you have downloaded the wallet from the website, you can select the ‘Create New Wallet’ option. Review the Terms and Conditions of the wallet clearly and make sure that you save the seed phrase or the secret recovery phrase. It serves as the recovery password for your wallet in the event you lose access to the account.
You have to set a password for accessing the GameStop wallet. The flexibility in using the GameStop non-fungible token marketplaces implies the ease of connecting existing wallets. Users can visit the login page of GameStop NFT website, which helps them select the preferred wallet for connecting to the marketplace. GameStop has also announced that it will introduce compatibility with more crypto wallets and NFT wallets in the future.
Adding Funds to the Crypto Wallet
The connected wallet would need funds in Ether for conducting transactions. You should notice that the NFT marketplace GameStop has launched for gamers uses the Loopring network. Users have to deposit funds in the Loopring network to use them in the marketplace.
You can click on the avatar at the top right corner, followed by the option of “Add funds to L2,” which leads you to three distinct options. The options include depositing Ether from another wallet, requesting deposits from another ETH user, and purchasing ETH with cards. Users could buy ETH through debit or credit card funds by leveraging payment services such as Wyre or Ramp.
Users can also transfer existing ETH from connected wallets to the layer 2 networks of the GameStop non-fungible token marketplace. You can choose the ‘Deposit ETH from your wallet’ alongside the amount you want to deposit for transferring ETH from another wallet.
Now, you are ready to buy NFTs on the GameStop marketplace by exploring all collections on the platform. You can select the ‘Explore’ option on the top navigation bar of the homepage, which leads you to a list of NFTs on the marketplace. With over 92,000 non-fungible tokens on the platform, GameStop is gradually becoming a force to reckon with in the world of web3.
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The review of the GameStop NFT marketplace showcases that web2 companies could make the transition to web3 with their own marketplaces. Apart from the facility of personalization, NFT marketplaces offer the crucial advantage of tailoring a business for web3 markets. The NFT marketplace not only shows that non-fungible token adoption has been gaining momentum among big brands but also reflects on new opportunities for value advantages. Learn more about the value advantages of non-fungible tokens and how they blend in the world of play-to-earn games and GameFi.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!