GameStop Rolls Out NFT Marketplace In Line with Target Date

Prominent video game retailer GameStop recently announced the launch of its own NFT marketplace. Earlier in May 2021, GameStop hinted at its plan of releasing an NFT platform. The new marketplace runs on the Ethereum mainnet. It is also supported by Loopring L2, a layer-2 scaling solution that helps to improve efficiency. Previously, GameStop signed a partnership with Immutable X, another scaling solution. However, support for Immutable X is still yet to be integrated.

Currently, GameStop’s marketplace only features a wide array of artworks. Down the line, the retailer plans to include other NFTs to become a major player within the industry. Other tokens being eyed are interactive items that can be used in video games. Both GameStop and Immutable X also launched a $100 million token grant fund to onboard game developers into the marketplace. Other gaming NFTs will, likewise, be added as the marketplace grows.

In February, GameStop noted it aimed to launch the marketplace by the end of 2022. Later in March, the target date was moved up to the end of fiscal Q2 2022. “Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators, and other Ethereum environments,” added the company. This launch comes just two months after the retailer unveiled its non-custodial crypto and NFT wallet.

Despite this recent move, however, the retailer continues to lay off a number of employees across the company. Among them was its Chief Financial Officer Michael Recupero who was later replaced by Diana Saadeh-Jajeh. Saadeh-Jajeh was the company’s Chief Accounting Officer prior to being appointed the CFO. GameStop also announced a four-for-one stock split over the previous week. Through this move, shareholders can expect to receive three additional shares as a dividend after the close of trading on July 21.

Sources: Decrypt, CryptoPotato