12/08/2022 GameStop's NFT Marketplace To Get Top 10 NFT Project As Part Of Long-Awaited Gaming NFT Updates

Video game retailerGameStop Corp.launched an NFT marketplace earlier this year as it lookedto grow its presence in the Web3 space. The company shared an update on launching more gaming-related NFTs on its platform. Here are the details.

What Happened:GameStop launched itsNFT marketplacewith new collections, promisinggaming-specific NFTs would be coming in the future.

The companysharedthis week it is soon adding gaming NFTs in partnership withImmutable X.

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Gaming partners for the GameStop NFT marketplace includeIlluvium, Gods Unchained, Guild of Guardians, PlanetQuestandEmberSword.

“Some of the biggest Web3 games in the world are being built on Immutable X, with more being announced soon. Immutable X is a leading layer 2 Ethereum scaling solution coming soon to the GameStop NFT marketplace,” GameStop’s website reads.

The company said Immutable X offers 100% gas-free and carbon-neutral minting and trading of NFTs and will help GameStop offer access to “millions of world-class gaming assets.”

Along with a list of gaming-related NFTs, an image of upcoming NFTs to be added to the GameStop NFT marketplace also includesVeeFriends, the popular NFT collection fromGary Veethatincludesmore than60,000 NFTs across two series.

VeeFriends Series 1 ranks 11th in all-time sales volume for NFTs with $554.3 million in sales, according to data fromCryptoSlam. VeeFriends Series 2 ranks 73rd with sales volume of $75.9 million.

VeeFriendstweetedin February that Immutable and GameStop were “doing big things!”

Why It’s Important:With $3.5 million in sales volume on the GameStop NFT marketplace in its first two days, the companypassedthe all-time sales volume of the Coinbase NFT marketplace fromCoinbase Global Inc. The Coinbase NFT marketplace publicly launched in May.

Research from GameStop blog Gmedd shows the GameStop NFT marketplace saw volume pass $4 million in its first three days.

The GameStop marketplace launched with more than200 collections and over 50,000 NFTs available on its platform.

The additional gaming-related NFTs could help GameStop distance itself in the NFT marketplace space, which is dominated by OpenSea.The video game industry is one sector that is expected to benefit from NFTs and GameStop’s past experience and relationships in the sector could help it become a go-to for gaming NFTs in the future.

The addition of VeeFriends could give GameStop some name recognition from one of the most popular NFT collectionsand see public support from VeeFriends founderGary Vee.

GME Price Action: GameStop shares are down1.18% to $40.410on Thursday afternoon.