GameStop launches NFT marketplace to promote digital growth

The marketplace is a "non-custodial, Ethereum Layer 2-based marketplace," according to the company. In particular, the marketplace is built on the Loopring. Following this revelation, the price of Loopring tokens (LRC-USD) increased by as much as 4%.

The platform basically enables users to connect their own digital asset wallets, including the recently released GameStop Wallet. After that, they will be able to trade, buy, and sell NFTs of virtual products. The marketplace will develop over time to provide additional capabilities like Web3 gaming.

Already, the website has listed 53,300 NFTs and 236 NFT collections. While GameStop now only supports NFTs created on its own platform, it does showcase collections from other marketplaces such as OpenSea.

The Marketplace Will Expand to Include Web3 Gaming

While early reports suggested that GameStop will integrate NFTs with video games, this feature is not yet available. Rather, the company intends to expand the platform in the future to Web3 games and additional Ethereum layers.

In particular, a future Immutable X expansion will provide access to NFTs associated with games like Illuvium, Gods Unchained, Guild of Guardians, Ember Sword, and Planet Quest.

GameStop’s foray into blockchain technology started after activist investor Ryan Cohen became board chairman in March 2021, pushing the company to transform into a technology business.