29 November 2023
GameStop, the biggest video game store in the world, released a test edition of the NFT marketplace to the public on July 11. The 2nd layer scaling solution Loopring underpins the decentralized gaming marketplace that is developed on top of the Ethereum blockchain. The first week after introduction had trading volume of over $5000 ETH which is about $7.2 million at the time, over twice Coinbase's total volume. Arts as well as antiques created specifically for the system may now be traded between members in the markets. To facilitate the purchase and storage of Ethereum-based tokens, GameStop has released a non-custodial Crypto wallet browser plugin for Google Chrome and Brave.
What is the GameStop NFT Marketplace?
When GameStop announced a collaboration with Immutable X in February 2022, a 2nd layer scaling platform on the Ethereum platform with just an emphasis on Web3 gaming, the company was having trouble maintaining sales as a wall business. As part of the collaboration, up to $100 million in IMX tokens from Immutable X were set aside as a grant for NFT developers. A new marketplace from GameStop was initially expected to feature "billions of in-game assets," such as digital real estate and skins. GameStop's goal, according to Robbie Ferguson, co-founder of Immutable X, is to empower its customers.
GameStop also charges a 2.25 percent marketplace fee for each sale, in addition to a developer royalty fee that is between 0 and ten percent, depending on the NFT's developer. When an NFT is exchanged on the marketplace, the designer is compensated with a small royalty. As for now, only verified developers are able to generate NFTs on the network. The network also claims to be working on supporting NFTs that were created on other platforms on blockchains it recognizes.
How to use GameStop NFT Marketplace?
The following procedures are used by GameStop's NFT Marketplace, all of which you need to be familiar with:
1. Connect or Create a Wallet
In order to utilize the service, new users must either establish a wallet or link an existing one. Visiting the GameStop Wallet site and signing up for an account is one method. For starters, hit the "Download Now" button. To begin using the software, after downloading it, choose "Create New Wallet," and then read and accept the Terms and Conditions. If you ever lose access to your Cryptocurrency wallet, you will need the 12-word Secret Recovery Phrase, also known as a seed quote. You'll be requested to create a passcode to protect your GameStop Wallet after that. Visit the GameStop NFT website's login page, wherein you will be invited to link a wallet of your choice. For the month of October 2022 and beyond, GameStop NFT is compatible with WalletConnect as well as MetaMask. More wallet network operators are "on the horizon," according to the business.
2. Funding the Wallet
There is no need to do this if the linked wallet already has money. Therefore, fresh wallets would require ETH deposits before they can be used for any operations. It will subsequently be necessary to deposit funds into the Loopring system before they can be spent on the market. To begin, choose your profile picture in the upper right and then "Add money to L2." It will allow you to purchase ETH with a card, deposit ETH from some other wallet, or request a deposit from another ETH user into your Loopring account. Ramp and Wyre are two payment systems that facilitate the purchase of ETH with the use of debit or credit card money, respectively, and both of them offer reasonable transaction costs. A deposit amount may be entered after selecting one of the two options. Please be aware that not all regions, including the United States of America have access to these offerings. Users may also move current ETH from the wallet to the layer 2 network used by GameStop NFT. To do so, go to the website's main page and then to the "Deposit ETH from your wallet" section, where you may enter the desired amount. Since this deposit method goes via the Ethereum mainnet, customers will pay a gas cost, however subsequent layer 2 transactions will not. Another useful feature of the site is the QR code-based request to have ETH sent to you on Loopring from a friend.
3. Buying an NFT
After you have completed the preceding steps, you are ready to buy an NFT on the marketplace. To begin, choose "Explore" from the main menu. Depending on the platform, this will take you to a list of NFTs or a collection made by a developer. The number of NFTs on the system has grown to approximately 92,700 as of this writing. Simply click the "Buy now" button to be taken to the checkout page and complete your transaction. Make sure everything is correct before clicking the "Confirm payment" button. Following a successful transaction, you can check out your newly acquired NFTs by going to your profile and then choosing the wallet you used to make the purchase.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.