To facilitate the trade of NFTs among players, producers, collectors, and other community members, GameStop today announced its Non-Fungible Token (NFT) marketplace. This took place as the crypto market imploded amidst a sharp sell-off by investors, growing inflation worries, and a halt to withdrawals by cryptocurrency loan services Celsius and Vauld.
“The Company’s NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain,” GameStop said in its press release. “Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators, and other Ethereum environments.”
According to a press release, future plans for the market from GameStop include “expanding functionality” into things like Web3 gaming. GameStop is already hinting that Immutable X support, an Ethereum-based platform utilized by several NFT games, will be available shortly on the NFT marketplace portal. GameStop and Immutable X have also started a $100 million grant program.
Benefits to the Gamers/ Users
The company said that users will be able to activate the Layer 2 exchange protocol, which would result in lower gas fees and quicker transaction times. However, users will only be able to make payments with Ethereum at this time.
Downloading the GameStop wallet and installing its browser extension will be available to gamers.
As a result, they could do transactions while playing any “Play-to-earn” games without ever having to look away from their computer screen. However, it should be mentioned that the wallet firm claims it may track user IP addresses and use user data. This could be the GameStop wallet’s worst flaw, especially in the Web3 environment, where users are promised privacy.
