GameStop to Launch NFT Marketplace to Rival OpenSea

• GameStop has announced plans to launch a non-fungible token marketplace by the end of July this year

• In February, the company announced that it would be partnering with layer 2 system, Immutable X for the progression of its NFT plans

• The game retailer also disclosed that it had hired dozens of people with experience in blockchain gaming, e-commerce, and technology

Gaming company, GameStop has announced that it intends to launch its own non-fungible token (NFT) marketplace before the end of Q2 in 2022. This platform will be competing with leading NFT marketplace OpenSea which has a monthly trade volume of over $5 billion.

The game retailer disclosed these plans during its Q4 2021 earning call that was held on Thursday, including the NFT plans in a 10-k disclosure filing as part of its plans for growth.

A portion of the filing says:

“As we scale and expand our core offerings, we will simultaneously invest in additional growth, including blockchain, digital assets (including non-fungible tokens), Web3 technology, and new destination formats for our stores,”

This is coming after GameStop announced that it had partnered with Immutable X in February for the launch of its NFT plans. The company disclosed that this partnership will provide it with up to $150 million Immutable X tokens after attaining a certain milestone.

Read also: NFT Sales Spike by 17% as Bored Ape and Meebits Lead

Immutable X is an Ethereum Layer 2 network for NFTs that provides more scalability and reduces gas fees for traders.

To ensure the success of its NFT plans, GameStop divulged that dozens of people with experience in blockchain gaming, e-commerce, and tech had been hired. During the earnings call, the company also confirmed that it sees a lot of opportunity in the NFT market and digital assets world.

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