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GameStop is not a new term to any avid gamer, and for dubious reasons, also to Wall Street enthusiasts! While GameStop has been in the news for all possible wrong reasons (yes… We are talking about the short squeeze), recently, it has made the news for something awesome and positive, much to the delight of the gaming community.
GameStop launched its own NFT marketplace in July 2022. This is considered a massive step for multiple reasons.
Before we dive into the details, it is to be noted that the GameStop NFT marketplace has literally dethroned some of the most established NFT marketplaces, collecting a staggering $45,000 in transaction fees alone, and that too, within the first 24 hours of its launch!
What does the GameStop marketplace offer?
The GameStop NFT marketplace is one of the best destinations for NFT gaming collections. The NFT gaming collection at the GameStop marketplace is nothing short of formidable. It is an ideal destination for users, gamers, creators, community members, and collectors to not only purchase but also smoothly trade their Non Fungible Tokens.
The confluence of gaming and Non Fungible Tokens
The launching of the GameStop marketplace signifies that the convergence of gaming and NFTs is inevitable! We all know the fact that gaming has been plagued by a lot of misgivings, and Non Fungible Tokens, with their immutability, transparency, and longevity, could give the gaming world considerable relief.
With Non Fungible Tokens in place, gaming assets are not just confined to the game ecosystem but are properly tradable. This would mean that the person who owns the gaming as it truly owns it and they have every right to sell them on the marketplace.
There have been a lot of instances of these confluences happening… But it required something astounding and resounding to cement this notion. This happened when one of the largest gaming companies on the planet which is ranked at 521 among the Fortune 1000 companies, the company that had a headstart in gaming way back in 1984, stepped into the world of NFTs by launching its own NFT marketplace!
What makes the marketplace awesome?
There are a lot of NFT marketplaces floating around! (Pun intended!) The GameStop marketplace, however, is built on Ethereum Layer 2 called Loopring. Loopring’s Layer 2 brings you extreme scalability, efficiency, and cost-effectiveness.
The GameStop NFT marketplace also has an exclusive wallet. This will ensure that the transactions are carried out without any difficulty, hassle, or hiccups. The necessity of a native wallet for NFT marketplaces has been extensively studied, and it has been proven that the wallet attenuates the chances of failed transactions, increasing user satisfaction.
GameStop also looks forward to supporting the ImmutableX Layer 2 in the near future. Bringing in support for such layers will ensure that the extent of participation is considerably increased.
The pride factors
It is interesting to note that the GameStop NFT marketplace has overtaken a lot of mainstream marketplaces including the Coinbase NFT marketplace. What is even more astounding is the fact that the outracing happened in a matter of just two days since the GameStop NFT marketplace debuted.
A lot of industry experts would have had opposing views when GameStop announced the launch of its NFT marketplace… And that too, at a time when the crypto market was at its nadir. This only goes on to prove that there’s a clear line of demarcation that exists between Non Fungible Tokens and cryptocurrency. While cryptocurrency might be speculative in its value, Non-Fungible Tokens represent tangible creations with a real-world value using blockchain technology to just keep a record of ownership.
How to get started with your GameStop NFT journey?
It all starts with a Wallet!
As you may have known, the most fundamental step is to install your GameStop wallet. The GameStop wallet is quite congruent to the MetaMask wallet in its functionality. You can add it as an extension to your browser. You can also use the GameStop wallet through universal WalletConnect technology.
Congratulations! You are already through the first and the most important step of participating in the GameStop ecosystem and procuring NFT game collectibles!
Fund your wallet for the fun!
Maybe… You have connected your wallet but to transit, well, you will need to fund your wallet. Right now, the GameStop NFT wallet only accepts ETH. It is only natural because it is built on Ethereum Layer 2.
You can fund your GameStop wallet in two ways. One of the most obvious ways is to buy ETH directly into your linked wallet by using multiple payment methods that the payment providers have allowed. After taking into consideration the exchange rates and the applicable deductions, the proportionate amount of ETH will be directly deposited into the user wallet on Layer 2.
Another method is to transfer funds from an existing wallet on Ethereum Layer 1 to your Layer 2 account. It is to be noted that the account needs to be directly connected with the GameStop NFT marketplace. Once the transaction is done, you will be able to see your updated balance on the GameStop Layer 2 wallet.
Buy it now baby!
Now you have all that is required to buy gaming collectible NFTs from the marketplace. When you have chosen to buy a particular NFT, all you are required to do is just to click on the “Buy“ button on the detail page of the NFT.
You will be required to confirm your transaction, and once the transaction is confirmed (provided you have a sufficient balance in your wallet), the NFT will be all yours!
Sell it when you want it (or don’t want it!)
As much as it is easy to buy an NFT on the GameStop NFT marketplace, it is equally easy to sell it too. You can choose any specific NFT you hold and list it for selling by setting a price.
Once the NFT it’s sold, the amount will be credited to your Layer 2 wallet. If you would like to withdraw the amount, you can even take the wallet balance from your Layer 2 to Layer 1
Closing words
When Non-Fungible Tokens made their debut (at least for the mainstream world) in 2017, little did people expect to find this manifestation of blockchain technology to be paired with gaming. Today, however, the partnership seems more necessary than inevitable!
The convergence of gaming and blockchain, especially with NFTs, opens up a new flurry of opportunities including but not limited to the creation of integrated gaming ecosystems, gaming metaverses, P2E opportunities, and an alternate economy! The fact that countries like Vietnam, the Philippines, Indonesia, and Thailand are depending on games to positively impact the economy is a resounding testimony to the dependability of NFT games.
When a global leader and a young-at-heart veteran like GameStop opens up its NFT marketplace, and that too, during the most gloomy times for crypto, it talks volumes about how promising the future is concerning NFT gaming. The acceleration that this new marketplace acquired in a very short span of being launched also talks about the growing craziness for NFT games.
Considering how generally the growth trajectory is for any new manifestation of technology, it is safe to say that the upward curve of exponential growth has just started for blockchain gaming and NFT gaming collectibles!
