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Gamestop Launches Its NFT Marketplace Amid Turmoil

GameStop has established a marketplace for non-fungible tokens (NFTs) in order to facilitate the exchange of NFTs. Unfortunately, a sharp decline in investor sentiment, inflation worries, and the suspension of withdrawal requests by cryptocurrency loan services Vauld and Celsius contributed to the implosion of the crypto market.

What will be different?

Users can legitimately own their digital assets through the company’s non-custodial exchange, which is built on Ethereum Layer 2 and enables them to be represented on the blockchain. In addition to the 200 collections, users can browse 53,000 NFTs available for purchase, according to The Verge.

Which Features Does This Marketplace Offer?

The company’s new platform will allow customers to trade outfits, weapons, and traits of various avatars, including NFTs for video game products.

A cryptocurrency wallet offered by GameStop earlier this month enables users to trade cryptocurrency and NFTs without ever leaving the game. An article in the Wall Street Journal reported that the business employs a 20-person alliance division.

How Will This Affect Transactions?

Due to the implementation of the Layer 2 exchange protocol, customers will be able to pay lower gas fees, and the platform will shorten transaction times. As of now, Ethereum is the only cryptocurrency that can be used as a payment method.

It will be possible for gamers to download GameStop wallets and install their browser extensions. Therefore, players can execute transactions while playing “play-to-earn” games without ever having to look away from their computer screens.

Final Words

Furthermore, the wallet firm states it may track an individual’s IP address and use personal data. GameStop wallets may be prone to this weakness, especially in Web3 environments where privacy is promised.