NFT or Nonfungible token is an irreplaceable digital asset with proof of ownership stored in the public ledger. NFTStudio24 is a leading media platform dedicated to empowering the global community by reporting on the mainstream and emerging world of NFTs, Metaverse, Decentralization, Crypto, and Blockchain.

Introduction

While the world mourns over the consistent bear crypto market, GameStop is ready to hit the NFT industry with its brand-new NFT marketplace on Immutable X. Currently, the marketplace is an empty website but GameStop fans are anticipating what new NFTs nft news  project it will feature on the site.

GameStop is an American-based electronics game retailer. GameStop was widely known for selling Xbox and PlayStation games until 2021 when it became a source of memes for Redditors.

This began when the Reddit community discussed that WallStreetBets would take over GameStop as a joke; however, that joke turned into a reality. One thing about the internet is that you never know when a brand or company might blow up, this same happened with GameStop. The company made headlines as the stock prices soared high and the Reddit community turned the “Reddit hero and former pet food tycoon” into a member of the board of directors.

Since then, GameStop’s shares have been experiencing ups and downs. This year the stock prices dropped to an extreme low of 40%. The company tried to recover from the loss in April but it failed to meet the high prices it once did in 2021. Now, GameStop is adding more to its plate by selling NFTs.

Immutable X: GameStop enters the NFT world

After making a meme out of its stock drama, many believed the company would finally see its downfall but GameStop is not going anywhere soon, especially not when the company announced its very own NFT marketplace on Immutable X, an Ethereum-based crypto platform. The company announced it will introduce a new marketplace centered around the gaming community by selling rare in-game assets.As a game retailer, the company sees NFTs as an opportunity to bring value to its brand. GameStop said, “What the internet did for communication, blockchains do for value.’

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This is rather an awkward time to release an NFT marketplace as the crypto market continues to dip lower with a long-term bearish pattern. GameStop doesn’t seem to care about it. Even the announcement says nothing about what it is going to look like.As of now, no predictions can be made about the success of its marketplace. However, this step indicates that the game retailer is trying to follow the pathway of Square Enix and Ubisoft who recently announced they will join the blockchain world. 

However, the gaming community is still not ready to accept blockchain technology. With GameStop entering the blockchain market, only the future will tell how it will be welcomed by fans. Currently, the company is facing backlash for mistreating employees and violating the New York labor law.

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