- GameStop has recently launched a NFT marketplace.
- It is striving to have a revenue -generating vertical to get over its dependency on traditional sales.
- Compared to its November highs, GameStop is down more than 40%.
Earlier, there was this news: GameStop Set To Launch NFT Marketplace. Since the marketplace raked in over $2 million in terms of sales volume on the first day, its reception can’t be considered overwhelming.
Though the per day volumes have gone downward, the launch isn’t upsetting, as marketplaces often go through such things with Coinbase NFT being an example.
GameStop is looking to find a revenue-making vertical to reduce its dependency on brick-and-mortar sales. As the NFT dollar volumes have dropped due to the crypto prices taking a hit, the time seems favorable for the company.
In comparison to its November highs, GameStop is down by more than 40%. However, the company stock has collected about 50%, which is why things have turned less bleak in the last few months.
GameStop’s marketplace is being launched on a layer-2 of Ethereum, a secondary network that despite managing majority of the computation, depends on the mainnet Ethereum to store the data on a blockchain.
As of now, GameStop is using Loopring to bundle transactions. However, one can only transact on GameStop with NFTs minted on Loopring. This means purchasing famous collections such as Bored Apes or CryptoPunks on GameStop’s storefront is not possible..
As it is a risky matter for GameStop, they might add support for other chains. As of now, they are left on a different set of rails spent by the majority of NFT dollars.
Pure intentions are the way to move far into the world of crypto and GameStop realizing success here remains a vertical uphill climb. However, meme stock buyers have recognized increased challenges; hence, their hunger for risk stays alive.