On July 11, 2022, one of the worlds leading gaming retailers, Gamestop, launched its NFT marketplace. This public beta version of the GME NFT marketplace saw over $7 million in collection trading volume in its first week! With the rise of the gaming industry adopting new technologies and figuring out new ways to interact with fans, GameStop is literally a go-to spot for gamer communities and brands alike. On October 31st, the platform officially launched via a partnership with Immutable X – an Ethereum layer 2 scaling solution focused on blockchain/web3 gaming. In this guide, you will learn how to buy NFTs on GameStop, how to become a creator, and potentially make profits on the GME NFT platform!
What Is Gamestop NFT Marketplace?
After a massive downturn in physical store sales due to rising consumer needs in the digital realm, Gamestop saw itself outgrowing its old revenue model. The company’s adoption of web3 was announced in February 2022 alongside the web3 gaming blockchain Immutable X. The partnership allows zero percent gas fees and carbon-neutral minting on the Gamestop marketplace.
In July, the Gamestop NFT marketplace beta allowed users to trade already existing collectibles and digital artwork. The latest Immutable X launch allows in-game items to be sold on the marketplace. Gamestop also allows various wallets to connect and trade on its NFT marketplace. This includes its own “Gamestop Wallet”, added as a browser extension. Collectors can trade these digital collectibles on different marketplaces as well as transfer them to other NFT enthusiasts.
In addition, Immutable co-founder Robbie Ferguson stated, “The GameStop mission is literally power to the players, and that is exactly what we’re trying to do here.” The partnership also means that NFTs from games like Gods Unchained, Illuvium, and others will be available. Moreover, both companies also announced a $100 million fund to support the web3 gaming ecosystem. This grant also allows developers and builders to explore their ideas and build on top of the GameStop/Immutable X ecosystem.
How Does GameStop NFT Marketplace Work?
Buying NFTs on Gamestop is a completely different experience from their e-commerce stores. GameStop enables cryptocurrency purchases, allowing users to buy directly from their marketplace. No middleman, custodian, or third-party agent involved. Buyers can make more rational, informed decisions about their purchases. The other key difference is that customers buy the NFTs directly from artists, brands, and other sellers in a completely decentralized manner. In the rise of the play-to-earn income stream, GameStop is looking to be a household name and dominate the industry.
The marketplace is built on accelerating community efforts and not the other way around. Another noteworthy difference is that customers have full control over their assets. They can choose to list their NFT for sale, transfer or trade it as they please. Unlike online store sales, the price for each collection/NFT is set by the market, rather than by the merchant. Lastly, users can also track each and every transaction. This means that they can trace transaction history and confirm the price, delivery details, etc. on the public ledger (blockchain).
How To Buy NFTs On Gamestop’s Marketplace?
Buying an NFT on Gamestop is really simple. All you need to do is follow the steps below to purchase your first Gamestop NFT:
- Create or connect a wallet: GameStop allows users to connect their existing web3 Wallet (Metamask or any other supported wallets) or download the native GameStop Wallet as an extension on Google Chrome.
- Create a display name and configure your profile: You may then fill in all the required details on your wallet, including creating a display name of your choice and profile settings.
- Add Crypto to your wallet: There are two ways to add crypto to your wallet. The first would be to buy ETH directly from the wallet you have linked to GameStop. This way, you will have deposited ETH into your wallet on Layer 2. The second way would be to transfer ETH from an existing wallet (layer 1) to the Layer 2 account/wallet connected to GameStop NFT.
- Activate layer 2 in your wallet: In case you were wondering, yes you can directly activate your Layer 2 account on Gamestop. After depositing the funds (ETH) in your GameStop linked wallet (Layer 2), select the “Profile” menu and click the “Activate Layer 2” option. This will open a dialog confirming the one-time fee to activate your Loopring Layer 2 account. You may then approve this transaction in your wallet.
- Use the in-built GameStop L1-L2 bridge to move your funds to the correct network: Bridging your funds between Layer 1 to Layer 2 is simple on GameStop. After depositing funds and activating the layer 2 from steps 3 and 4 above, you can now bridge your funds between the layers. After connecting your wallet, click on the “Profile” icon. Next, you may click on the “Deposit ETH” option and enter the amount you would wish to bridge. The transaction will take place automatically, and you are now free to browse the marketplace!
- Find an NFT you want to buy: Click on the Marketplace “Explore” Tab and scroll through the art/collections. If you enjoy the vibes of any collection, simply click on the ‘Buy Now’ button from the NFT’s detail page.
- Pay: Lastly, depending on each collection/edition of NFTs, you may be asked to select the quantity of the NFTs you would like to buy. Select the quantity if necessary, and then click on “Confirm Payment” to complete the transaction.
How To Create NFTs on Gamestop Marketplace?
Currently, the marketplace allows creators access via an invite-only process. Creators fill out an application form to enter and sell on the GME NFT marketplace. Visit the Creator Induction Form to become a Creator on the platform.
Once approved, you will then be able to create/mint your NFTs on the Gamestop Marketplace. Follow the steps below to mint your first NFTs on GameStop!
Steps To Become A Creator On GameStop NFT Marketplace
- Connect Wallet: Connect your wallet and click your profile icon. On your profile page, select the Create button to begin.
- Create Collection: To mint an NFT, it must be inside a collection. Select the “+” icon to Create a New Collection. You may then fill in the details by adding a title, a thumbnail, and other details. These details will remain editable after you mint the collection as well.
- Add NFT Details: Proceed to add your NFT media onto the site. You can also continue to describe the NFTs, add metadata, and put in the number of editions you want to mint of each of your NFTs.
- Wait For Approval: After you hit save, your NFT(s) moderators will review your NFTs. If it passes, you’ll see a preview and it will be ready to mint.
- Mint: Once you’ve drafted all the NFTs in your collection, click the Mint button. It will show you the transaction fees to mint your collection. After approval, sign the transaction. Do not navigate away from this page as the mint process completes.
- Set Pricing: After this step, you can find your new NFT collection in your wallet and profile page under the “Collections” tab. From there, you can set pricing for your collection, by clicking on an NFT. This will take you to the NFT detail page. You may then list it for sale, transfer it, or withdraw it to Layer 1 by clicking the Manage NFT button from the detail page.
- Edit Banners: You can edit your collection’s banner and thumbnail assets after this step. Click “Edit collection” from the collection detail page, then you may update the Description, Assets, and Links of your collection.
- Finish: Lastly, click on Save Changes, to find your NFTs on the marketplace.
Please note: an NFT cannot be changed once minted. Its title, thumbnail, description, and any metadata are permanently uploaded to the Blockchain.
More About Gamestop Marketplace
GameStop has announced further expansion into metaverses and interoperable crypto environments in the future. The company aims to shape the narrative of web3 and provide a long-lasting impact. Furthermore, as we witness the early days of blockchain gaming take shape, GameStop aims to do more than rake in lost profits for GME stock.
The GameStop NFT Marketplace mascot is an astronaut. The marketplace has also seen some controversy earlier this year. A GME creator depicted an image of an astronaut falling from what is seen as the Twin Towers on 9/11. The NFT was called “Falling Man“, and resembled an iconic real picture of a man falling from the World Trade Center during the tragic terror attacks. Gamestop revoked access and removed the creator from its NFT platform since the incident.
The GME NFT marketplace beta also provides free desktop and mobile wallpapers for visitors. Gamestop also has support from two Ethereum layer-2 solutions – Loopring and Immutable X. As time went on, Gamestop has specified that both the Immutable X and Loopring ecosystems coexist in the GME NFT marketplace ecosystem.