What is GameStop NFT, and how can I buy it?
Have you recently heard about the famous GameStop NFT and the GameStop NFT Marketplace? Why does it seem that numerous gamers and NFT enthusiasts talk about this frequently? The reason for that is that GameStop has announced the launch of its long-awaited online marketplace for NFTs.
That launch aims to help reinvent its business model and profit from consumer adoption of Blockchain technology and cryptocurrencies. The marketplace has been open to enthusiastic users worldwide for public testing.
It allows them to connect their digital asset wallets, primarily the recently launched GameStop Wallet, so that users can purchase, sell, and then trade Non-Fungible Tokens for numerous virtual goods. So, what can we expect from the GameStop NFT marketplace? Let’s get to know all the essentials of it!
The GameStop NFT marketplace – explained
Shortly, the GameStop NFT marketplace will expand with additional features and offer things such as Web3 gaming. It’s undoubtedly the biggest move of the decade regarding GameStop to invest in a digital future and improve their business, which has been a video game retailer for a long time.
It’s no secret that the GameStop corporation has been struggling financially for several years. To survive these struggles, the management of GameStop has decided to make the video game industry shift online rapidly.
Investments in GameStop and the Frenzy Meme
One of the main people who invested in GameStop in 2020 and helped fuel the “frenzy” meme that was tapped in the previous year was Ryan Cohen. It’s been a huge and successful turnaround effort. Once that happened, shares of the famous GameStop managed to jump more than 35%.
Cohen brought numerous corporate leaders to the GameStop community, including Matt Furlong, the current CEO working for Amazon. In addition to that, Cohen tapped Mike Recupero as CFO, who is another former Amazon executive.
The main goal of the GameStop company
The GameStop company has certain goals for winning over investors worldwide who probably excluded GameStop as a legacy retailer with numerous outdated storefronts across shopping malls that fewer and fewer people visit.
According to an annual filing, as of January 2022, the company has operated in a total of 4,573 stores, with approximately 3,018 stores in the United States of America. Besides, its business also includes owning Micromania banners and the EB Games.
For GameStop company’s growth, they are trying to tap into areas such as Non-Fungible Tokens. All these unique digital assets have been subject to both skepticism and enthusiasm. There are those individuals in the retail industry who see them in the future as hot holiday gifts.
According to Salesforce, approximately half a million Non-Fungible Tokens could be bought from retailers in the following months. It could translate to an incredible $54 million total market value.
Cohen’s involvement in the GameStop NFT marketplace
To push the video game retailer for online sales and stop focusing on physical stores, Cohen invested in GameStop a large sum of money. According to this, the shares of GameStop have managed to surge 970% in 2021, which gave the market value of the GameStop company an incredible $14.2 billion.
After appointing several huge names to the GameStop main management, their expected responsibilities will be evaluating the company’s capital structure and operational objectives and allocating digital capabilities, priorities, personnel, and organizational footprints.
The GameStop NFT platform, since its launch until today
The GameStop NFT marketplace has been live since July 11 in its beta version. This marketplace was launched via a partnership with an exceptional Immutable X, guaranteeing its users the fantastic ability to trade in-game assets on the Ethereum platform via blockchain tokens.
During the first 48 hours, the GameStop NFT marketplace documented more volume than the famous Coinbase marketplace. That particular reason was a huge motivation to GameStop investors and helped the stock rally.
When the platform was launched, the GameStop NFT marketplace became instantly successful, showing great statistics. During the first few days since the launch of the GameStop NFT marketplace, the platform averaged an incredible amount of $1.1 million in daily trading.
GameStop NFT platform’s success
During the first week, the GameStop NFT platform accounted for more than 5,254 ETH regarding the total trading volume. Considering this information, it’s nearly twice as much as Coinbase’s NFT marketplace, which was live since May.
To get a clear picture, all Coinbase users have traded 1,913 ETH, which is approximately $2.8 million. However, unlike the GameStop marketplace, the Coinbase marketplace doesn’t charge transaction fees for trading Non-Fungible Tokens.
GameStop charges all NFT traders with a 2.25% fee, a daily average of 16.9 ETH, or $25,113, in direct revenue for GameStop. With more than 300 available collections on the NFT GameStop marketplace, only six of them accounted for the majority of trading volume until now.
Perhaps the biggest early success could be attributed to the shareholders of the GameStop company. The whole hype ever since its launch on July 11 was huge across Reddit and other social media platforms. From its launch, the GameStop NFT marketplace shares have risen more than 16%.
News that GameStop is planning to split its stock on July 21 has also helped to stock rally, so the platform itself cannot take all the credit. We can tell that the sentiment of the GameStop investor is skyrocketing!
What are the predictions for the GameStop NFT marketplace?
Considering the current weekly volume of the entire GameStop NFT marketplace, the trading volume will be approximately 273,000 ETH during the first year. It will yield approximately $406 million today, which is 6.7% of the company’s incredible net sales of $6 billion that were registered in 2021.
However, these numbers cannot beat the trading volume this year in the OpenSea marketplace in June. Even in cases like Ethereum hitting an all-time high of $4,800 once again, we may expect annual transaction fees to be around $29.5 million, which is just a small percentage of the total of GameStop’s 2021 net sales.
For that particular reason, investors of the GameStop company need to understand that the NFT marketplace is the enterprise for generating revenue in the years to come, and people shouldn’t expect this business to become a self-starter immediately.
Instead, people should consider that the NFT GameStop marketplace has just been launched and is still in the beta version, while the OpenSea marketplace has existed since December 2017.
GameStop’s huge plans for the NFT marketplace
Keep in mind that the management of the GameStop company has huge plans for the NFT marketplace. They have launched the GameStop wallet, a digital asset wallet that enables users to store, receive, and send NFTs and cryptocurrencies.
Besides the GameStop wallet, they have planned on launching a wide range of Web 3.0 in gaming and expanding into digital markets with a lifelong view.
The statistics of the GameStop NFT marketplace
So far, we’ve learned that the famous GameStop NFT marketplace, i.e., platform, exists to discover, collect, create, and trade Non-Fungible Tokens from communities, creators, and various worldwide brands. Since its launching, it’s clearly become one of the most famous and beloved NFT platforms that numerous gamers and enthusiasts adore.
It uses the Blockchain technology that’s being built on the Ethereum Networks’ Layer 2 infrastructure. It’s known as the so-called “self-custodial marketplace,” which means that its users can own their digital assets.
Here are the current NFT GameStop marketplace statistics:
- Volume: $51,15K
- Traders: 562
- Average Price: $56,83
Keep in mind that these stats are prone to change and can vary from one day to another, so it’s essential to check them daily.
How to buy GameStop NFTs?
To buy GameStop NFTs, it is essential to follow these simple steps:
- Connect your Ethereum wallet to your NFT marketplace looping layer two account
- Find your preferred NFT you wish to buy
- Purchase in just a few simple clicks and seconds
Remember that all Non-Fungible Tokens are priced in ETH (Ether). In addition to that, the transaction incurs a network fee which is small and also paid in Ether.
Is it worth investing in Non-Fungible Tokens?
All those crypto and NFT enthusiasts interested in investing in a volatile and dynamic market are wondering what the future of Non-Fungible Tokens actually is and if it even makes sense to invest in such a thing.
Although in the opinion of many, it is a speculative and risky investment, no one can dispute the huge interest in NFTs and the rise in their prices. For example, according to financial experts, it is recommended to stake your NFTs in order to earn incentives and rewards on numerous sites such as Planet, for example.
The best and final way to indirectly earn money with NFTs is by investing in numerous startups. The only certainty that NFTs have proven is that they aren’t just a quick-passing crypto trend and that it depends on which NFTs you choose to invest in.
Some could be worth millions in the future, while others might not even be worth a dime. You need to be intuitive and wise to spot valuable NFT opportunities in the market! Good luck with choosing the best possible options in the ever-growing NFT marketplace!
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