On July 11, GameStop (GME) announced the opening of its non-fungible token ("NFT") marketplace, which will enable gamers, developers, collectors, and other members of the community to buy, sell, and trade NFTs.
The Company's NFT marketplace allows users to really own their digital assets, which are represented and secured on the blockchain, and is a non-custodial, Ethereum Layer 2-based marketplace.
Parties can link to their own digital asset wallets, such as the recently released GameStop Wallet, through the market place, which can be viewed at https://nft.gamestop.com.
The marketplace's functionality will develop over time to include more categories, artists, and Ethereum contexts, such as Web3 gaming.
GameStop is jumping into the water with both feet. On its first day, the NFT marketplace generated just under $2 million in transactions.
A week later, the top 50 collections have seen transactions totaling more than $7.5 million. Its royalty rate is 2.25 percent, which translates to earnings of around $169,000 thus far.
Although the cost of GameStop's investment in the NFT marketplaces is unknown, the question is whether it will have a material impact on the company's consumer growth and cryptocurrency presence.
The NFT potential of GameStop is restricted. It currently exclusively sells "art," and the most popular collection is from MetaBoy, a company known for their severely pixelated GameBoy gifs. A quarter of the marketplace's total transactions, or approximately $1.9 million, came from the collection.
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