GameStop is a household name for anyone interested in computer games or entertainment software. This is a large retail chain from the USA, which was founded in 2000 and operates about 7,500 branches around the world selling games and software.
But product marketing is also increasing in branches. So players on console can buy all kinds of items such as collectible skins from their favorite PC games.
In addition to selling computer games and entertainment software, GameStop also publishes its own magazine for computer games, Game Informer.
But apart from distributing PC games, GameStop now wants to break new ground. Crypto enthusiasts in particular should get their money’s worth here. Because GameStop has announced the opening of the NFT marketplace and wants to get a foothold in the crypto business. The NFT market is expected to come in the second quarter of 2022. We are all excited!
GameStop and its stock gained unexpected fame last year when members of the Wallstreetbets Reddit group got together and collectively duped major investors in GameStop stock.
They collectively bought as many commercial papers as possible, driving up the stock price and presenting an impossible task for investors who were betting on lower prices. Losses were in the millions as a result of them.
This is to be expected with GameStop’s NFT Market
The new NFT market, which revolves around non-fungible tokens, will be created and run alongside X. But if you think now that you will find full-fledged games here in the market in the future, you will be disappointed.
Because the partnership is based exclusively on the so-called game assets. It is precisely these in-game assets that can be purchased as non-fungible tokens via the NFT Marketplace.
This is nothing more than additional weapons and real estate, among other things. But non-fungible tokens can also be so-called character skins that can be used in games.
This is what the future NFT market will offer GameStop
Both buying and selling should be possible via the NFT futures market. GameStop and Immutable X will definitely think about how to develop the NFT market further.
Since the competition in this field is quite large, you will either have to significantly expand your game assets or rely on your own games.
GameStop invests about $150 million
Both partners took care of the basic conditions. Among other things, experienced developers and engineers of NFT were hired here. There is also enough budget for the new move.
To this end, GameStop is investing approximately $150 million in a fund. IMX tokens are issued through this fund. The money that can be raised through this must then be invested in the NFT market.
New NTF Marketplace Based on Ethereum Blockchain
IMX tokens are the cryptocurrency that will play a role in the NFT market in the future. It comes from partner Immutable X, which also provides the necessary technical infrastructure.
The new NFT market is based on the Ethereum blockchain. This choice might make you wonder why GameStop chose this partner. There are serious drawbacks with Ethereum in particular. Just think of the power consumption, for example, which is particularly high. At least until Ethereum fully converts to PoS.
And it is precisely this high energy consumption that ultimately leads to higher transaction costs. Both are major drawbacks, especially in direct comparison with the competition. Where today much depends not only on low energy consumption and low costs.
My favorite X 🤩 Fixed
So I don’t think I’m lying * pic.twitter.com/ZWy9JIcChY
– Dedi Hots (DEDI_HOTS) March 18, 2022
The goal is to reduce energy consumption and costs
In order to at least reduce the environmental footprint due to rising energy costs, the required energy must come from renewable sources. GameStop doesn’t see any flaws with that, also because Immutable X’s Ethereum blockchain has a special feature. The goal here is to reduce high energy consumption and associated costs.
This should be possible by aggregating many individual transactions into one large sales data set. According to Immutable X, several hundred thousand transactions can be combined.
As far as the current environmental disadvantages, one might want to pay carbon offsets here. It is not yet known to what extent this will ultimately be necessary.
However, depending on the quantity, this may not be insignificant. In the end, this money is also missing in the further development of GameStop’s NFT market
Still Exciting – GameStop Insights into the Crypto World
It remains to be seen if these ideas from GameStop and Immutable X can be implemented. Especially in the early days and few users, these demands are certainly unexpected. Of course, speed also plays a role here.
GameStop wants to break new ground with the NFT market and its partner Immutable X. It remains exciting to see if the new NFT market will stand up to the competition.
Conclusion on the planned NT market from GameStop
As has often happened in the recent past, GameStop’s plan wasn’t even thought of until the end. Whether this close association with the immutable X is the right decision remains to be seen.
From GameStop’s point of view, the limitations on in-game assets is understandable, as they currently account for a large percentage of the earnings. But whether this is to attract the crypto community or just offer a new payment method to GameStop customers is a legitimate question here.
GameStop’s NFT market can become a profitable business if more features and games for it are created very quickly.