GameStop launches NFT marketplace

U.S.-based video game retailer GameStop launched its long-awaited NFT marketplace on July 11, allowing users to buy, sell and create NFTs.

The platform is now open to the public for beta testing and allows users to connect the recently launched GameStop Wallet or other Ethereum (ETH) compatible wallets. 

“Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators and other Ethereum environments,” the company said in a statement.

In January, prices of GameStop shares rose 20 per cent when its plan for an NFT marketplace was first reported by the Wall Street Journal. 

In a partnership announced in February, GameStop and Immutable X revealed plans to establish an up to US$100 million fund to be used for grants to creators of NFTs and content. Immutable X would also be a partner and platform for GameStop’s NFT marketplace. 

GameStop saw a leadership change in 2021 when Ryan Cohen, co-founder of Chewy, a US online pet supplies retailer, was appointed its new chairman. It also hired former Amazon executives as chief executive and chief finance officer.

Cohen had plans to transform GameStop from a retailer to a technology-centric e-commerce company.