GameStop Plans July NFT Marketplace Launch
Key Insights:
GameStop joins a growing list to target the NFT marketplace.
Game retailer partners with Immutable X, with plans to go live in July.
The NFT marketplace is getting busier, with Coinbase also planning to go NFT.
GameStop Corporation (GME) is gaming, consumer electronics, and video game retailer listed on the New York Stock Exchange.
Back in 2021, GameStop Corp. made the headlines, with subreddit r/wallstreetbets users triggering a GME short squeeze. GME’s share price rocketed from sub-$20 levels to just short of $500 before sliding back to sub-$100 levels, as shown in the chart below.
In January, the Wall Street Journal delivered GME a New Year boost, reporting the company’s NFT and crypto plans.
The move into the NFT and crypto space is in a bid to revive its videogame business.
GameStop Announces July Move into the NFT Marketplace
On Thursday, GameStop provided investors with a timeline on its NFT marketplace launch during its fourth-quarter earnings call.
On the call, GameStop confirmed its Immutable X (IMX) partnership to launch the GameStop marketplace. GameStop will receive,
“Up to $150m equivalent in IMX tokens upon achievement of certain milestones.”
The company has made hires in blockchain gaming, e-commerce and technology, product refurbishment, and operations with a planned July rollout.
GameStop is not the only shop going into the NFT market, with record-high trading volumes from January and marked interest in NFTs drawing other players into the space.
GameStop Follows Coinbase into a More Crowded Marketplace
This week, U.S-listed crypto giant Coinbase announced plans to launch an NFT marketplace. Coinbase aims to allow users to discover, mint, purchase, and showcase NFTs.
While no launch date is available, Coinbase met with more than a hundred creators to expedite its marketplace launch.
With more than 2.5m joining the Coinbase NFT waitlist, GameStop will need to stick to its target video gaming audience to be successful.
The NFT marketplace has become busier in recent months and will only get more active in the months ahead. LooksRare (LOOKS), a competitor of established NFT marketplace OpenSea, entered the NFT space in January amidst surging trading volumes.
With the NFT space getting busier, competition will likely become fierce with Coinbase, OpenSea, and LooksRare in the mix.
This article was originally posted on FX Empire
