GameStop launches an NFT marketplace, offers $100 million grant for game developers

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American video game retailer GameStop has opened an NFT marketplace in beta mode. So far, there are 244 collections and over 53,500 NFTs listed. There are only art NFTs available on the marketplace, but gaming NFTs will be added soon. GameStop also plans to offer Web3 gaming in the future.

The video game company has previously released a GameStop wallet, but other crypto wallets, such as MetaMask and WalletConnect, are also accepted on the marketplace. The self-custodial wallet on Loopring Layer 2 promises fast and well-priced transactions, is compatible with iPhones and browsers, and allows storage for cryptocurrency, NFTs, and use Ethereum-based dApps.

GameStop also shared the $100 million IMX grant program, where the company is “calling on builders and creators to power the future of NFTs and Web3 gaming.” The application is open for Metaverse-focused brands and content creators, game developers, AAA studios and publishers, content producers and artists, eSports companies, influencers and celebrities, and new technology developers. 

The company, which last year had a revenue of $6.01 billion, saw a 135% increased net loss of $158 million in the first quarter of this year. Games Industry reported last week that GameStop was laying off employees. According to the article, the layoffs affected the company’s corporate division, including the CFO and staff from its “Game Informer” video game magazine. Gaming industry site Kotaku reported that the company laid off over 100 employees in May. 

NFTs and cryptocurrency prices have been in freefall, with data showing that NFT trading volume has fallen to its lowest point in the past 12 months. GameStop apparently still sees the long-term potential of NFTs and has big plans in place for its Web3 journey. 

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Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.

Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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