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GameStop Launches NFT Marketplace Amidst the Ongoing Crypto Winter

GameStop, the American video games and consumer electronics retail chain, launched its non-fungible token (NFT) marketplace today. This marketplace will allow gamers, creators, collectors, and other GameStop community members to buy, sell and trade NFTs. This move is controversial because major cryptocurrencies crashed earlier this summer and are showing no signs of recovery. Coupled with increased inflation rates globally, crypto is facing an existential crisis in the current market.

At launch, the GameStop NFT marketplace has more than 200 collections for collectors to peruse with more than 53,000 NFTs to be bought and traded. Being a video games-focused company, the GameStop NFT marketplace will also allow users to buy, sell, and trade NFTs of video game items. The list includes clothes, weapons, and various in-game character avatars.

The GameStop NFT marketplace allows its customers to truly own their digital assets. These assets are represented and secured on the Ethereum blockchain. The marketplace is based on a non-custodial, Ethereum Layer 2-based model. Users can activate the Layer 2 exchange protocol. This will incur fewer transaction fees for using the wallet. Besides this, the protocol will speed up transaction times. Currently, users can make payments in Ethereum only.

The GameStop Wallet was launched in March 2020 in beta version. The wallet has been designed especially for gamers. It is a non-custodial wallet which means that users own their private keys. Private keys can be explained as the crypto equivalents of passwords.

Interested users can download and add the GameStop Wallet as a browser extension. While playing games, users can buy, sell or trade NFTs without leaving the computer screen. However, unlike most things crypto, the wallet will store and use user data and track their IP addresses. This could be a big down point for this wallet.

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