American video game retail chain GameStop has officially launched its long-awaited Ethereum-based NFT marketplace.
The marketplace is running on both the Ethereum mainnet and layer-2 scaling solution Loopring and is hosting various artwork projects, with plans to branch into video games.
Another Start for GameStop
GameStop entered a partnership with Immutable X in February to guarantee future funding (in the form of IMX tokens) for its marketplace. A potential US$150 million in IMX has been negotiated but can only be accessed by GameStop once it reaches certain milestones.
For now, artworks are the only products on the marketplace; however, GameStop is set on the NFT gaming space and plans to bring NFTs to video games. The partnership with Immutable X has created a US$100 million token ‘grant’ fund in hopes of attracting game developers to the marketplace.
GameStop Now a Fully Fledged Crypto Player
In May 2021, GameStop announced development plans for an NFT platform on Ethereum and a new token ($GME). This move accelerated its evolution from a simple retail chain into the crypto industry proper.
Almost exactly a year later, GameStop launched its crypto and NFT wallet, branching further into the digital assets sector. It came in the form of an Ethereum-based browser extension, downloadable from the Chrome Web Store. The wallet is self-custodial and designed with the most recent marketplace addition in mind: