Video game retailer GameStop Corp. (NYSE:GME) launched an NFT marketplace earlier this year as it looked to 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 its NFT marketplace with new collections, promising gaming-specific NFTs would be coming in the future.
The company shared this week it is soon adding gaming NFTs in partnership with Immutable X (CRYPTO: IMX).
Gaming partners for the GameStop NFT marketplace include Illuvium, Gods Unchained, Guild of Guardians, PlanetQuest and EmberSword.
“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 includes VeeFriends, the popular NFT collection from Gary Vee that includes more than 60,000 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 from CryptoSlam. VeeFriends Series 2 ranks 73rd with sales volume of $75.9 million.
VeeFriends tweeted in February that Immutable and GameStop were “doing big things!”
Related Link: GameStop Shares Fall On Q2 EPS Miss, Revenue Beat
Why It’s Important: With $3.5 million in sales volume on the GameStop NFT marketplace in its first two days, the company passed the all-time sales volume of the Coinbase NFT marketplace from Coinbase Global Inc (NASDAQ:COIN). 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 than 200 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 collections and see public support from VeeFriends founder Gary Vee.
GME Price Action: GameStop shares are down 1.18% to $40.410 on Thursday afternoon.
Photo: GME
