GameStop, a leading gaming company based in the US, has launched a marketplace for non-fungible tokens (NFTs). The marketplace was unveiled on July 11, and it will offer users several perks such as slow fees and high transaction speeds.
GameStop launches an NFT marketplace
The GameStop NFT marketplace will be competing against other platforms in the market, such as OpenSea. Users on this platform can buy, sell, trade, and create non-fungible tokens. This marketplace will also provide functionality that will allow users to access the statistics of these NFTs and access the needed educational materials.
Educational content will also be available on the platform. Some of the educational information that will be displayed ranges from issues such as the basics of NFTs and teaching users how they can link a digital wallet to the NFT marketplace.
The GameStop NFT marketplace is non-custodial. The marketplace will be based on an Ethereum layer-two network. The wallets that will be supported include GameStop wallets and wallets that are compatible with the Ethereum blockchain.
GameStop made its users aware of this marketplace in May this year. At the time, it was reported that GameStop would launch a wallet and a new marketplace.
The marketplace will also have features that will display the NFTs, their creators, and collections on the application’s main screen. The platform will also provide a deep analysis of the market by using the Explorer interface. The marketplace has already kick-started, and there are currently 236 NFT collections in the market.
The marketplace is also attracting partnerships, and it has seen several Web3 games launching on the platform through Immutable X. These games include Illuvium, Gods Unchained, and Guild of the Guardians. Immutable X started working with GameStop in February this year.
The marketplace is currently being launched in a beta phase. Users have been advised that there could be glitches on the platform until a full version of this NFT marketplace is released.
NFTs in the bear market
NFTs have not been spared from the ongoing bear market. In June this year, some of the top NFT collections, such as the Bored Ape Yacht Club NFTs, witnessed a notable decline in sales and floor process. For the first time in around a year, the BAYC NFTs traded at a floor price of below $100,000.
OpenSea, the largest marketplace for NFTs, recorded a 70% decline in sales in June. In June, OpenSea’s NFT sales dropped by over 70% month over month.
