Who said that old age dogs couldn’t pick up new tricks? The original retailer of video games and consumer electronics, GameStop, jumped on the NFT bandwagon and introduced its own marketplace last year.
Everything you need to know about GameStop‘s bold entry into the risky world of NFTs is explained in this tutorial. We’ll delve into the inner workings of this market to identify its benefits, drawbacks, and strengths. Let’s begin with the fundamentals.
What is the GameStop NFT marketplace?
The GameStop NFT marketplace allows users to buy, sell, mint, and trade NFTs, digital collectibles, web3 games, and other items. It is a self-custodial marketplace, which means you genuinely own any digital item acquired on the platform.
GameStop unveiled the public beta of its NFT marketplace in July 2022.
The debut soon gained attention, with over 1,831 ETH (about $2.7 million) in trading volume and $45,500 in transaction fees. In comparison, the heavily anticipated Coinbase NFT marketplace had a comparatively low sales volume of roughly $74,000 on its first day.
Following its initial success, the firm partnered with ImmutableX, a Sydney-based Ethereum layer-two solution, to add web 3 games and gaming NFTs to the platform. The cooperation of these two companies provides an amazing prospect for GameStop customers to revolutionize web3 gaming.
GameStop NFT Price
The debut soon gained attention, with over 1,831 ETH (about $2.7 million) in trading volume and $45,500 in transaction fees. In comparison, the heavily anticipated Coinbase NFT marketplace had a comparatively low sales volume of roughly $74,000 on its first day.
Following its initial success, the firm partnered with ImmutableX, a Sydney-based Ethereum layer-two solution, to add web 3 games and gaming NFTs to the platform. The cooperation of these two companies provides an amazing prospect for GameStop customers to revolutionize web3 gaming.
“The integration of GameStop and ImmutableX will allow access to some of the most popular web3 games that are currently being built on ImmutableX.” Furthermore, the agreement would enable “100% gas-free and carbon-neutral minting and trading on the Company’s NFT marketplace,” according to a post-launch statement from GameStop. You may like also – Coingecko NFT champions- Price, Overview and Reviews
GameStop’s surprising entry into the world of NFTs
GameStop was originally recognized for selling a wide range of gaming accessories and systems from companies such as Nintendo, Sony (PlayStation), and Microsoft (Xbox).
However, following a particularly severe knock to its bottom line in Q4 2021, the company decided to diversify its portfolio and enter the cryptocurrency industry. In essence, in reaction to diminishing business, GameStop reinvented itself, realizing the necessity to stay up with future innovations.
The heritage gaming company is eager to stay ahead of the curve and benefit on this rising trend by embracing the exciting opportunities of web3 gaming. After great anticipation, the GameStop NFT marketplace launched on July 11, 2022.
How does the GameStop NFT Marketplace work?
Simply told, the GameSpot NFT is a marketplace where users may display their NFTs to the rest of the globe. It’s as simple as contacting the seller and making an offer to purchase one-of-a-kind NFTs and collectibles.
Creators are paid royalties for each piece sold or traded. As a result, when an NFT is purchased, the customer adds a new piece to their collection. At the same time, the author receives some ETH (as well as the recognition they deserve).
When you purchase an NFT, it will be delivered to your wallet as soon as your payment is validated. The speed of confirmation is determined by the chain’s current transaction volume. Once a transaction has been validated, it is irrevocable unless the buyer and seller mutually agree to terminate the process.
The GameStop NFT Marketplace allows you to buy directly from artists, brands, and secondhand dealers. The site seeks to provide a smooth experience by removing intermediaries and connecting buyers and dealers directly.
Under the hood: the technology that powers the GameStop NFT marketplace.
The marketplace, which is built on the Ethereum blockchain, makes use of Loopring to handle transactions seamlessly. Loopring is a decentralized zkRollup layer-2 solution that delivers high levels of security while dramatically lowering gas expenses. Loopring allows thousands of transactions to be executed with low gas fees; they are batched into a single block before being sent on the Ethereum network. In other words, Looping reduces transaction costs by sharing the charge.
The collaboration with ImmutableX allows GameStop to host a number of web3 games. In fact, GameStop Powerup Pro loyalty members and other users can use the protocol’s global order book to access any game on the Immutable X network.
How to use the GameStop NFT marketplace
When you visit GameStop’s marketplace, you’ll be welcomed with a rich trove of creators, games, and NFTs. Using an easy-to-navigate interface, you may explore them and keep track on the trendiest items and their trade volumes. The website also lists the most well-known creators on the platform.
Furthermore, GameStop offers a multitude of tools to help consumers traverse the difficult realm of NFTs, wallets, and layer-2 solutions. If you want to become a creator on the GameStop platform, the website also includes thorough tutorials on that.
How to buy NFTs on the GameStop NFT marketplace
Buying and selling NFTs on the GameStop NFT marketplace is a simple process. All you need is a funded ETH wallet that the platform supports. Here’s a fast guide to purchasing NFTs on GameStop’s marketplace:
Step 1: Create and/or connect a wallet
As a new user, you must first establish or connect an existing wallet.
To establish a GameStop Wallet (which is available as a browser extension and an iPhone app), go to the official site and select “Download Now.” From there, you can create a new wallet and read and agree to the terms and conditions. And don’t forget to keep your 12-word secret recovery phrase safe because without it, you may lose access to your wallet forever. When executing any transaction or download, always prioritize appropriate crypto wallet security standards.
Go to the GameStop NFT Marketplace and click on the “Connect” tab in the upper-right-hand corner of the page to join your existing wallet.
Step: 2 Add funds to your wallet
On this platform, you have two choices. The easier option is to buy ETH from an authorised payment provider using your associated wallet. This will transfer ETH into your layer-2 wallet. You can begin purchasing NFTs immediately.
The alternative is to transfer coins from an existing Ethereum layer-1 wallet to the layer-2 account you linked on GameStop NFT Marketplace. As a result, the ETH you placed into layer-2 will be available in your balance when you purchase NFTs on the platform.
Step 3: Buy chosen NFT
Now that you’ve completed all of the essential steps, it’s time to buy an NFT from the GameStop NFT Marketplace. Click on the “Explore” button in the top navigation bar of the homepage to view the various NFT collections. This will send you to a page with a large selection of NFTs.
To purchase an NFT, simply click the “Buy now” button, which will open a checkout window for you to finalize the transaction. Before clicking “Confirm payment,” double-check all of the details to avoid problems. You can view your newly obtained NFTs once the purchase has been validated and successful. Simply click on your profile in the top right corner of the platform and select the wallet used for the purchase.
How to create NFTs on the GameStop NFT marketplace
As of press time, only a few producers could mint in GameStop’s marketplace. You can apply to be a creator by filling out the form on the official GameStop creator page.
While minting an NFT on GameStop’s marketplace, it is critical to ensure that the NFT is part of a collection. But don’t worry, making a collection is simple. Simply locate and choose the “+” icon, and you’re done! You can now add the title, thumbnail, and any other necessary details to your collection.
These are the steps to follow:
- Upload the NFT files and then click the ‘Save’ button. You can also add metadata to the NFT to characterize it.
- GameStop NFT accepts NFT media for approval when you press the ‘Save’ button. If the content fits all of the criteria, it will be reviewed and approved by a moderator. After the review, you can proceed to mint the NFT.
- Simply click the “Mint” button after designing your NFT collection to mint it. The transaction fees associated with minting the collection will be presented to you. You should stay on the website once you’ve approved the transaction until the minting procedure is finished.
- Once your NFT collection has been properly minted, you can access it using your wallet, and it will display under the “Collections” option on your profile page. If you wish to establish a price for the collection, go to the NFT detail page by clicking on the individual NFT. The NFT can then be listed for sale or transferred to another user. Select “Manage NFT” on the detail page to withdraw the NFT to layer-1.
- Finally, to see your NFT on the marketplace, adjust the banner and thumbnails and click the “Save changes” button. It’s as simple as that1.
How to connect to GameStop via WalletConnect?
Users can also connect to GameStop via Wallet Connect, an open-source protocol that connects DeFi DApps and crypto wallets.
Here’s how to use Wallet Connect to open and connect a ZenGo wallet and take advantage of a special BIC offer.
GameStop vs. OpenSea: Which is better?
Comparing the NFT marketplaces of OpenSea and GameStop isn’t fully fair. After all, GameStop’s platform is still in beta and is continually evolving.
OpenSea, on the other hand, has firmly established itself as one of the largest NFT marketplaces, commanding almost a third of the NFT market as of March, with only Blur ranking higher. So GameStop will have to catch up.
OpenSea is an array of NFTs supported by asset contracts on the Ethereum blockchain. Opensea, as the larger and more established of the two marketplaces, has a considerably greater quantity of NFTs listed on the platform.
Meanwhile, the GameStop NFT marketplace has a distinct edge in that it lists a large number of web3 games and NFT gaming assets among other digital collectibles.
Users should always think about which platform is most suited to their requirements. When comparing these two platforms, essential criteria such as liquidity, ownership, and transaction fees must be taken into account.
Is GameStop a genuine competitor to the big NFT marketplaces?
The GameStop NFT marketplace has had a significant impact in the world of NFTs in less than a year. And this is despite a widespread market slump.
One of the cornerstones to this marketplace’s success is its simple user interface and quick transaction times, which are made possible by the Loopring L2 network. A competitive cost of only 2.25% on all selling transactions is an added plus.
However, the GameStop NFT marketplace currently only accepts ETH payments and is only compatible with a small number of wallets. It is still in development and has a long way to go before catching up to the big fishes like Blur and OpenSea.
Frequently asked questions
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What is GameStop’s NFT marketplace?
The GameStop NFT marketplace allows you to buy, sell, mint, and trade NFTs as well as digital collectibles, web3 games, NFT gaming assets, and other items. It is a self-custodial marketplace, which implies that every digital item purchased on the platform is actually yours. Loopring is used by the marketplace, which is constructed on the Ethereum blockchain, to handle transactions seamlessly.
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How much does GameStop NFT charge for marketplace?
GameStop NFT levies a 2.25% transaction fee for each sale made on the platform. This charge is based on the transaction price, therefore buyers will not incur any additional costs while completing a purchase. In comparison, this is a reasonable transaction cost.
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Which is the largest marketplace by trading volume?
According to CoinGecko data, Blur is the largest NFT marketplace as of March, with a market share of approximately 56.80%. Blur is closely followed by OpenSea, which has a 36.70% market share.
