Gamestop launched NFT market just in time for the crypto market to collapse

GameStop is ignoring the “crypto winter,” and as a result, it's moving ahead with its own NFT marketplace, which is now available in what the firm refers to as a "public beta." You may now use the platform to purchase, sell, and create NFTs. There are more than 200 collections to browse through, as well as more than 53000 NFTs on the market. The art I've seen so far appears to be typical NFT fare — there were some odd cat and monkey-themed collectives right away when I browsed for just a few minutes.

The new GameStop Wallet, which was announced in May, can be used to manage your digital assets, as you would expect. Of course, you may link the new GameStop Wallet to maintain your cryptocurrencies; however, alternatives such as WalletConnect and MetaMask are also available. On the platform, not just anybody may create an NFT; interested creators will need to apply.

GameStop has bigger plans for the marketplace in the future, as it stated in a press release that it will "extend functionality" into areas like Web3 gaming. GameStop is already teasing that support for Immutable X, a platform based on Ethereum that some NFT games use, will be available soon on the NFT marketplace homepage. GameStop and Immutable X have also unveiled a $100 million funding program.

The gaming business first declared in February that it wanted to establish its own NFT marketplace, but in recent weeks, sales of NFTs have fallen amid a broader decline in cryptocurrency. In an effort to ride out the storm, crypto firms like Coinbase, BlockFi, and Crypto.com have had to let go of employees while GameStop continues with its plans despite its own problems.

GameStop is launching its NFT market just days after laying off staff and firing its CFO, and crypto efforts appear to be a key component of the company's future; in his letter to employees about the layoffs, CEO Matt Furlong mentioned GameStop's blockchain group at the top.