World’s leading video game retailer Gamestop has expanded its services to Web3, building an NFT marketplace on top of the Ethereum (ETH) layer 2 scaling protocol Loopring (LRC). Officially launched on October 31 after its public beta rollout in July 2022, the marketplace allows free transactions on the Immutable X blockchain.
To purchase a non-fungible token (NFT) on the GameStop NFT Marketplace, you first need a GameStop Wallet, Wallet Connect, or Metamask Web3 wallet. You can start NFT trading on the GameStop market by going to https://nft.gamestop.com/ and linking your wallet.
What is GameStop NFT?
GameStop NFT, a digital art and gaming-focused NFT marketplace, public beta launched in July 2022, recording more than $7 million in NFT sales in its first month. GameStop has also developed a non-custodial wallet extension for Chromium-based web browsers and smartphones that helps users store and transfer Ethereum-based tokens and NFTs.
GameStop, which launched the full version of the NFT marketplace in late October 2022, currently only allows certified creators to create NFTs on the platform. In the near future, everyone will be able to use the platform completely freely, and the marketplace will also support NFTs from non-platform origin.
GameStop is the world’s leading retailer of video games, consumer electronics, and gaming products. The products that the company sells include Xbox, PlayStation, and Nintendo devices as well as games and accessories. With a change of leadership in 2021, appointing former Amazon executive Matt Furlong as its new CEO, the company decided to overhaul its business model and pursue Web3 gaming and digital assets expansion.
How to buy NFTs on GameStop NFT Marketplace?
The process of buying NFTs on the GameStop NFT marketplace is very straightforward and user-friendly. Here’s a step-by-step guide that will help you get started.
Step 1: Connect your existing wallet or install GameStop Wallet
To start trading on the GameStop NFT marketplace, you must first have any of the three supported wallets. You can connect to the platform with your MetaMask or WalletConnect wallet or install GameStop Wallet in your browser. When you click the Connect button at the top right, wallet options will appear. We start the installation by clicking the Install GameStop Wallet button and then the Download button. The button will redirect us to the Chrome Web Store.
Step 2: Install and set up GameStop Wallet
We create a new wallet by clicking the GameStop Wallet extension we have installed on our browser. Let’s not forget that we must store the Secret Recovery Phrase offline and in a secure environment. In the next step, we set a password.
Step 3: Deposit funds to your wallet
What we need to do now is send some ETH to our wallet. We can send ETH to the wallet address we see at the top, from our wallet on any central cryptocurrency exchange, or from another Ethereum wallet. For ETHs to come to our wallet, we must definitely use one of the Ethereum, Loopring, or ImmutableX networks. Meanwhile, the wallet also offers ETH purchases by credit card through Wyre and Ramp.
Step 4: Select ImmutableX or Loopring layer 2 networks
We can transfer the ETHs we send on the Ethereum network to Loopring L2 or ImmutableX L2 networks with a simple step. This will greatly reduce the costs we will incur when trading NFTs in the marketplace.
Step 5: Purchase an NFT on the GameStop NFT marketplace
After completing the transactions, we can go to the GameStop NFT platform. As of the date the content was published, more than 100,000 NFTs and more than 950 collections are listed on the platform. By clicking the Explore option in the top right menu, we can start exploring Collections and NFTs, and list the NFTs by making various filters.
We can open a collection, select the NFT from it and complete the purchase by clicking on “Buy Now”.
Step 6: View your purchased NFTs in the wallet
The NFTs we have purchased can be viewed in the NFTs tab at the bottom of our wallet. We can list these NFTs for sale or transfer them to any wallet we want.
Which NFTs Should I Buy?
Although the GameStop NFT market is still new, it lists over 100,000 NFTs across nearly 1,000 collections. Choosing the best NFT to buy can be confusing. Fortunately, there are many different services that can help us with this.
NFT scoring and rarity checker services allow us to see how rare NFTs are compared to other NFTs in the collection they are in. To find a potentially good investment, you can check the rarity score of an NFT, see the most valuable NFTs in various collections, and use the data to try and predict how the NFT investment will fare over time.
The Bottom Line
GameStop has come to be a dominant name in the NFT industry, both due to its strong position in the digital game industry and its high trading volume. Despite the decline in the overall volume in the NFT market, GameStop has achieved great success after its launch, providing cheap and fast access to collectible digital art, in-game items, and other files with a blockchain-stored proof-of-ownership stamp.
The platform will likely reach more users when it rolls out support for more crypto wallets and has the ability to list outsourced NFTs. Thanks to a partnership with Immutable, a leading Ethereum layer-2 network and the company behind the popular NFT game Gods Unchained (GODS), early adopters of the platform can earn IMX tokens by participating in the $100 million IMX Grant Program by purchasing digital items from select NFT collections.