GameStop Partners with Immutable X for This Year’s NFT Release

GameStop’s plan to enter the world of NFTs now has come close around the end of this year 2022.

Founded in 1984, the gaming merchandise GameStop went public in 2002. Since 2004, the company has become an enormous success in selling physical game copies for twelve years.

Screenshot Image of GameStop Website https://www.gamestop.com/

In 2016, the company struggled cause of an emerging business model that became popular in releasing video games through downloadable versions. The result of GameStop’s earnings report on that year resulted in the closure of other stores in 2017.

The booming of NFTs last year gave considerable opportunities to companies struggling due to the COVID-19 Pandemic since 2020.

NFTs, famously called Non-Fungible Tokens, uniquely exist and are impossible to duplicate. NFTs can be in images, videos, music, or text that can exist in any digital form in the blockchain.

While GameStop’s decline in the gaming industry went further before the pandemic—resulting in the closing of other store branches, the NFT concept gave a huge chance to the company. The gaming merchandise’s responded with better plans to the emerging ways of business models this year with the conception of NFTs and metaverse that emerged. The concept of NFTs and metaverse provided an open window for recovering the decline that has taken place since 2016.

Screenshot Image of GameStop NFT Website GameStop NFT

Now GameStop has officially launched its website for NFTs; it is expected that GameStop’s NFT Marketplace will be available later this year.

While the company’s website is solely calling to companies in the gaming industry for those whose interests align with the company’s NFT marketplace,  the company aims to award virtual tokens with $100 million funds for prospective non-fungible token developers.

Are you excited about GameStop’s latest merch?

Sources

• GameStop to Start Selling NFTs Later This Year (pcmag.com)
• GameStop is launching its own NFT marketplace – The Verge
• What is GameStop and Why Did It Trigger a Short Squeeze? (forex.com)