CryptoCurrency

GameStop NFT Market Is Stay: Here is What Folks Are Saying

With the launch of the NFT Market, GameStop records sales of over $3 million.
According to a business announcement, online game store GameStop finally opened up the Non-Fungible Token (NFT) market on July 11. Within hours of its inception, the non-custodial Ethereum Layer-2 platform reportedly sold over $1 million, surpassing the $74K sales volume on Coinbase’s NFT market on its first day of operation.
The market is severely undersupplied at the moment of the NFT market launch; according to statistics from NFT aggregator CryptoSlam, NFT sales have decreased by approximately 65%, from $4.6 billion in May to $1.5 billion in June.
The GameStop platform is, however, performing unexpectedly well in spite of the market upheaval. According to data, the platform presently has over 200 collections, totaling over 53,000 NFTs, with over $3.6 million in revenue and 45,000 transactions on the first day of its launch. Currently, the network only permits approved contributors to mint NFTs, but GameStop’s Head of Blockchain, Matt Finestone, says the company is exploring ways to increase creator engagement and support for assets from other platforms.
In order to support the GameStop NFT Market, the business has also disclosed a relationship with Loopring, an Ethereum scaling solution. Loopring is a well-liked layer-2 Zero-Knowledge rollup that offers quick, safe, and reasonably priced ERC-20 transactions off-chain. Users can use an Ethereum wallet like MetaMask or the freshly released GameStop Wallet to trade NFTs on the market.
The site will first concentrate on NFT artwork, but GameStop has declared their goal to dominate the GameFi {industry} by enabling players to exchange in-game NFTs from play-to-earn video games through a cooperation with Immutable X, an Ethereum layer-2 scaling solution.
What Do People Have To Say About NFTs From GameStop?
Given the company’s previous losses, the majority of people and industry observers had their reservations regarding GameStop NFTs. The reseller of video games reported layoffs in July affecting several divisions, including Mike Recupero, Chief Financial Officer. The majority of the GameStop community, it seems, has been open to the NFT market, and some have drawn comparisons between its success and Coinbase NFT’s initial launch, which brought in a pitiful $5,446 in its first month.
As the company increases creative participation and supports off-platform NFTs, the community is now anticipating higher revenue figures.
Given the declining NFT sales and the collapsing cryptocurrency market, most people were dubious when GameStop originally announced its ambitions to open an NFT market back in February. However, the company’s successful launch has proven the doubters incorrect.
Now, GameStop must contend with some of the titans of the NFT {industry}, including RareLoot and OpenSea, to name a couple.
Not Every Gamers Is Excited About NFTs
While GameStop is exploring expanding its footprint in the Web3 gaming {industry}, the traditional gaming community has reacted to game publishers incorporating NFTs into their current franchises with mixed feelings. One example of this was when Ubisoft, a well-known game producer, collaborated with Tezos, a blockchain platform, to add in-game NFTs to games like Tom Clancy’s Ghost Recon.
With the July 11th launch of its Live Marketplace, GameStop has made significant progress towards becoming an NFT powerhouse. After a spike in the number of users purchasing and exchanging digital assets on the platform from companies like CryptoSLAM and Loopring, GameStop is now making an effort to reach a larger audience by launching its GameFi {Industry}.
The GameStop-owned site will provide players with access to a range of additional blockchain-based products in addition to unique NFTs from some of the biggest names in gaming, like Ubisoft. Additionally, GameStop is going to launch “Pockets,” an in-platform currency that players can use to purchase NFTs and other goods that are offered through the Live Marketplace.
GameStop has announced a continuing cooperation with Immutable X in addition to the development of their own platform. This partnership will enable players to trade their NFTs using Ethereum Layer-2 technology in a more safe and trustless manner.
PlayStop Together, Loopring and Partners Provide Safe Digital Asset Trading
In an effort to give players a safe place to exchange their digital assets, GameStop just teamed up with Loopring, a decentralised exchange powered by the Tezos protocol. The gaming community has responded to GameStop’s Live Marketplace launch with a mix of good and negative comments. Some see this as a ground-breaking advancement that might make NFTs available to a far wider range of players. However, others remain unconvinced despite GameStop’s commitment to blockchain-based gaming and their inexperience in the field.

Despite this, NFT sales are showing promising early results. As per CryptoSLAM, a solitary NFT was sold for more over $10,000 USD. In the near future, players can anticipate seeing more cutting-edge blockchain-related projects from GameStop as the platform grows and develops.

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