GameStop to Release NFT Marketplace in Second Quarter of 2022

As GameStop continues to garner mainstream success on the US stock market, the once-struggling business aims to give back to the community with the launch of an NFT marketplace. According to the company, the marketplace will service gamers, crypto lovers, and tech enthusiasts who have supported the company in its times of difficulty.

Earlier this week, the American video game retailer released its intention to launch an NFT marketplace by the second quarter of 2022. According to its first-quarter report, the marketplace would be run by Immutable X, a Layer 2 protocol running on the Ethereum network. Through this program, NFTs can be easily exchanged with transaction scalability of 9,000 operations per second without charging fees to its users.

Furthermore, GameStop announced the creation of a $150 million fund in IMX tokens that will be given to the company after reaching certain goals. A portion of the money will provide financial support to the content creators and developers of the platform.

In its efforts to hasten the creation of the marketplace, GameStop has hired dozens of people who specialize in games, blockchain, e-commerce, and other technologies.

Last year, the video game company saw an exponential growth of over 100% daily as Reddit users rallied to buy stocks to make Wall Street investors suffer. According to several Reddit forums, the event is known as the “mother of all short squeezes.”

While the Reddit users’ endeavors did not last long, they caused the company’s stock price to rise from $17 to $482. While the stock has somewhat suffered, it is currently trading at $87 a significant improvement from its initial offering last year.

Through their efforts, GameStop managed to recover from a multi-year slump that brought its stock price to $2.5, while also helping the company generate over $2.2 billion during the last fiscal quarter.

Source: CryptoPotato