Gamestop stated that it will establish an NFT marketplace by the end of the second quarter of fiscal year 2022, which is July 2022.
GameStop said it has employed “dozens” of employees “with experience in areas such as blockchain gaming, e-commerce and technology, product refurbishing and operations” for the marketplace. The business unveiled the marketplace in early February, with further information revealed on Thursday’s fourth-quarter results conference.
GameStop partnered with Immutable X, an Australian game business, to launch the NFT marketplace. To keep expenses down, Immutable X promised no gas fees for minting and exchanging NFTs. GameStop will also get $150 million in IMX tokens for fulfilling specific objectives.
GameStop’s NFT intentions have been rumoured for a while. Last year, Redditors discovered a site soliciting programmers for an Ethereum-based NFT network. It’ll be here soon. But not everyone is sold on GameStop’s new strategy. Rep. Reggie Fils-Aimé slammed the move. “Go to GameStop’s website. Find a strategy. “There is no strategy,” Fils-Aimé declared recently at SXSW. Following the first announcement, workers at GameStop blasted the company’s intentions on Reddit, complaining about the absence of merit raises.
But it seemed inevitable that the business at the centre of one of the year’s most bizarre financial scandals would go into NFTs. Early last year, GameStop’s stock became a proxy for the cultural tug-of-war between Redditors and hedge funders. NFTs blew up about the same period, thus this unholy partnership made sense.
Not just GameStop has Web3 ambitions. Because proof-of-work blockchain transactions cause climate harm, Salesforce is working on an NFT cloud service, and Spotify has offered two roles for Web3 specialists. Other gaming businesses have tried to enter NFTs, with mixed results. Due to outrage from fans and collaborators, Ubisoft staff dubbed their crypto ambitions “embarrassing.”
GameStop revealed its market timeframe yesterday along with a quarterly loss. The company’s stock dropped 7.6% this morning. Let’s hope r/WallStreetBets gives GameStop’s NFT market more long-term attention.
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