Us video game retailer GameStop announced on Wednesday the launch of its NFT marketplace, which allows gamers, creators, collectors, and other community members to buy, sell, and trade NFTS. GameStop noted that its NFT marketplace is an unhosted, Ethereum Layer2-based marketplace that allows parties to truly own their digital assets.
The official GameStop NFT Market Twitter tweeted on Monday, “GameStop NFT Market beta is now available, and we are expanding features to include more creators, other categories like Web3 games, and multiple Ethereum environments.
This unmanaged, Ethereum-based marketplace allows you to truly own digital assets on Loopring Layer2 for high-speed, low-fee, secure transactions.
It’s cool. It’s GameStop.
According to Decrypt, the NFT market, which is still in public beta, has already seen 3,167 Ether coins, or about $3.5 million, traded only two days after its launch, though it’s tiny compared to OpenSea, which traded $16.99 million on the 13th day.
But that’s nearly double the historical volume of Coinbase’s NFT market, and GameStop hasn’t even started offering the gaming NFTS it sees as the centerpiece of its marketing plan.
Coinbase, a $12bn Web3-native, launched its NFT market in April, but has since traded just 1,709 Ether coins, equivalent to about $1.8m, according to DuneAnalytics.
The GameStopNFT market currently only offers art NFTS, but plans to launch game NFTS that can be used as interactive items in video games.
GameStop had announced in February that it was teaming up with Immutable X to set up a $100 million investment fund to support NFT-compatible video game and product development.
But ArsTechnica points out that GameStop takes a 2.25 per cent fee on NFT transactions, making just $45,000 in fees on the first day of the NFT market’s launch, compared with more than $6bn in net sales in the last full fiscal year.
If GameStop’s NFT transaction fee income stays at its current level for a full year, it would represent just 0.27% of the company’s fiscal revenue.
GameStop shares have rallied for three straight days since the GameStop NFT market launched on Tuesday, closing up 3.03 percent at $141.28 on Friday, according to Tradingview, for a total gain of more than 10 percent, but the company that sparked a retail war on Wall Street,
Its shares have fallen more than 70 per cent since hitting an all-time high of $483 in January last year.