Following the release of the Ethereum-hosted NFT wallet, GameStop has continued to push for more upgrades to its products. The NFT marketplace, a project that has been the buzzword, is now live in the GameStop ecosystem.
The much-anticipated release ties in with the official deadline the company revealed earlier in the year, which is the second quarter of 2022. As the days roll by, GameStop has delivered the NFT marketplace as scheduled, and now is the time to look forward to some expectations.
How it All Began
Since its creation, GameStop has been a go-to space for video games and consoles, but the company is determined to explore other sectors. Toward the end of last year, speculation became rife that GameStop was looking to venture into the NFT ecosystem.
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Interestingly, GameStop has moved from video games to a meme investment platform and the NFT marketplace. A perfect definition of a pacesetter.
However, the speculation took on a new twist when the company began changing its staffing direction. The new hires have vast experience in blockchain, e-commerce, product management, and others.
The announcement of the new NFT marketplace comes with more news of deals and partnerships with other notable names like Immutable X. Meanwhile, despite the general market performance, GameStop appears to have fared better than others. The launch is a testament to the firm’s perseverance in times of enormous storms like the current situation.
GameStop has also indicated that this is the beginning of more consistent product delivery through its previous service change.
Is GameStop’s Continued Growth Realistic?
Keen observers of the company point out that GameStop has the drive to achieve more market success in the future. However, its determination aside, can GameStop succeed in bringing its core game players to another environment like NFT?
Without a doubt, NFT is a rigid space, and the core gamers of GameStop may have a rough time adapting to the new environment. If the company can push its users to the NFT marketplace, both will be win-win situations.
In addition, the growth outlook for NFT is strong, unlike the previous year, even as the broader crypto market’s growth has stalled. The collapse of the crypto-assets space in 2022 will spill over to NFT.
Still, NFT is growing steadily with expectations of bullish prospects for the industry. Experts believe that NFT can help recover the value of crypto-assets if well managed.
Moreover, the NFT marketplace seems to have similar or no difference between most service providers struggling to dominate one another. It is not yet known how GameStop can set itself apart from other players in the NFT space.
However, a glance over the platform after the NFT marketplace release shows some interesting things to expect from GameStop.
It will run an open application having limited content creators. There will be support for NFT trading on other platforms and integration of Web3 games.
The new product is expected to usher in another dimension to GameStop’s market visibility.