Early last year, GameStop faced phases of their decline as a result of being gripped by Wall Street. This year they are determined to bounce back and take full advantage of this second opportunity with plans to launch the NFT marketplace to serve technology and crypto players.
Today, GameStop revealed its intention to launch the NFT Marketplace by the end of the second quarter of 2022. Based on GameStop’s first quarter report, the NFT marketplace will be powered by Immutable X, the Ethereum network -based Layer 2 protocol. This allows NFT to be exchanged instantly with a transaction scale of 9,000 operations per second, without charging any fees to its users.
Based on the announcement on February 3, GameStop announced that the market will be launched by the end of 2022 but the latest report indicates that it will be launched earlier at the end of July this year.
Instead, GameStop announced
the fund’s investment of $ 150 million in the official IMX cryptocurrency token Immutable X. Part of the fund will be used to provide financial support to content creators and platform developers.
GameStop has hired dozens of people who specialize in ‘games’, blockchain, e-commerce and various areas of technology.
Early last year, GameStop shares experienced exponential growth of more than 100% daily after several Reddit users joined forces to buy the company’s shares to put pressure on Wall Street investors. While the move by Reddit users didn’t last long, it pushed the company’s stock price soaring from $ 17 to a peak of about $ 482. The stock price plummeted soon after and now it is trading at $ 87.
Finally, GameStop will compete with some big companies like Binance, FTX, OpenSea and Coinbase.
