GameStop Launching an NFT Marketplace
GameStop is a brick-and-mortar retailer specializing in video games, gaming merchandise, and consumer electronics. In February, it announced that it would partner with Immutable X, a layer two system for its upcoming NFT marketplace launch, before the end of its fiscal second quarter.
Immutable X is the platform that the NFT marketplace will be built on, and it’s based on the Ethereum blockchain. They chose Immutable X because they want it to mitigate Ethereum’s drawbacks like high energy consumption and associated high gas fees, which could increase exorbitant processing costs for transactions.
Immutable, the company that designed Gods Unchained, the NFT trading card game, will be the same company designing GameStop’s NFT marketplace. GameStop says that the launch is most likely to happen at the end of July, and they will also co-develop a fund for gamers who will use the NFT marketplace worth up to $100 million.
The NFT marketplace will see the company expand from a popular meme stock into a company that deals with and invests in cryptocurrency and Web3 technology.
To go with the marketplace, GameStop also intends to launch and integrate their first-party crypto wallet known as GameStop Wallet. The wallet will be in the marketplace with other third-party wallets, giving gamers various choices. The company filed for a trademark for its wallet under GME Entertainment, LLC, a subsidiary of the major GameStop Company.
The United States Patent and Trademark Office Website shows that the company filed for the trademark on 28th March. They intend the wallet to cover their usage of different applications, software, and blockchain-related services.
Their mark will consist of the name GameStop and wallet below in capital letters and a wallet sign on the left of the words. The trademark registration will cover downloadable software to:
- Implement blockchain transactions.
- Provide an interface between internet browsers plus one or several distributed computing networks.
- Sign blockchain transactions.
- Manage one or several digital assets.
- Manage and secure digital identities.
- Generate and secure cryptographic private keys for authenticating transactions done on blockchain networks.
- Implement transactions involving digital assets.
- Execute and manage secure data transactions.
It will also cover downloadable applications to manage and secure digital identities, plus implement blockchain transactions. GameStop fans discovered their official NFT marketplace beta website toward the end of March, which is what made people realize their intentions of launching their cryptocurrency wallet.
Under the company’s crypto wallet connecting page, gamers could connect to several standard options like Metamask and WalletConnect. However, they noticed that there was a first-party GameStop Wallet option at the top of the page that read ‘coming soon.’
People were unsure at first, but the company’s move to file for a trademark for their wallet has made it clearer. While it would not have been necessary in the past, developing and launching a crypto wallet makes more sense with the launch of the NFT marketplace.
This will make it easier for people to buy and sell NFTs on the marketplace without looking for other expensive crypto wallet options. While they have not announced anything about transaction fees, there are speculations that theirs will be lower than other third-party wallets.
Conclusion
Since the marketplace is set to launch at the end of the company’s fiscal Q2 and the wallet around the same time, there will be more developing news to tell users what to expect.
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