On July 11, 2022, one of the world’s leading game retailers, Gamestop, launched its NFT Marketplace. This public beta of the GME NFT Marketplace saw over $7 million in inbound trade volume in its first week! With the rise of the gaming industry embracing new technologies and finding new ways to interact with fans, GameStop is literally a go-to place for gaming communities and brands alike. On October 31, the platform was officially launched through a partnership with Immutable X – an Ethereum layer 2 scaling solution focused on blockchain/web3 games. 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 drop in sales in physical stores due to the growing needs of consumers in the digital realm, Gamestop has seen itself outrun 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 for zero percent gas fees and a carbon-neutral strike on the Gamestop marketplace.
In July, the Gamestop NFT Marketplace beta allowed users to trade already existing collectibles and digital artworks. The latest launch of Immutable X allows in-game items to be sold in 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 in different markets and transfer them to other NFT enthusiasts.
Additionally, Immutable co-founder Robbie Ferguson said, “The GameStop mission is literally power for gamers, and that’s 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. Additionally, the two 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 the GameStop/Immutable X ecosystem.
How does the GameStop NFT market work?
Buying NFTs from Gamestop is a completely different experience from their e-commerce stores. GameStop enables cryptocurrency purchases, allowing users to purchase directly from their marketplace. No intermediary, custodian or third party agent involved. Buyers can make more rational and informed decisions about their purchases. The other key difference is that customers buy NFTs directly from artists, brands, and other sellers in a completely decentralized way. In the rise of the game-to-win revenue stream, GameStop seeks to be a household name and dominate the industry.
The market is built on accelerating community efforts, not the other way around. Another notable difference is that clients have full control over their assets. They can choose to put their NFT up for sale, transfer it, or trade it as they please. Unlike online sales, the price of each collection/NFT is set by the market rather than the trader. Finally, users can also track each transaction. This means they can trace transaction history and confirm price, delivery details, etc. on the public ledger (blockchain).
How to buy NFT on Gamestop market?
Buying an NFT on Gamestop is very 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 wallet) or download the native GameStop wallet as an extension on Google Chrome.
- Create a display name and set up your profile: You can then fill in all the required details about 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 linked to GameStop. This way, you will have deposited ETH into your wallet on layer 2. The second method would be to transfer ETH from an existing wallet (layer 1) to the layer 2 account/wallet connected to GameStop NFT.
- Enable 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) into your GameStop-linked wallet (Layer 2), select the “Profile” menu and click the “Enable Layer 2” option. This will open a dialog confirming the one-time fee to activate your Loopring Layer 2 account. You can then approve this transaction in your wallet.
- Use the built-in GameStop L1-L2 bridge to transfer your funds to the correct network: Bridging your backgrounds between Layer 1 and Layer 2 is simple on GameStop. After depositing funds and activating layer 2 from steps 3 and 4 above, you can now link your funds between layers. After connecting your wallet, click on the “Profile” icon. Then you can click on the “Deposit ETH” option and enter the amount you want to top up. The transaction will happen automatically, and you are now free to browse the marketplace!
- Find an NFT you want to buy: Click on the “Explore” tab of the Marketplace and scroll through the artworks/collections. If you like the vibes of any collection, just click the “Buy Now” button on the NFT detail page.
- Pay: Finally, depending on each collection/edition of NFTs, you may be asked to select the amount of NFTs you wish to purchase. Select the quantity if required, then click “Confirm Payment” to complete the transaction.
How to create NFTs on Gamestop Marketplace?
Currently, the marketplace allows creators access through an invite-only process. Creators complete an application form to enter and sell on the GME NFT marketplace. Visit the Creator Initiation 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 create your first NFTs on GameStop!
Steps to Become a Creator on GameStop NFT Marketplace
- Connect wallet: Connect your wallet and click on your profile icon. On your profile page, select the Create button to get started.
- Create a collection: To hit an NFT, it must be inside a collection. Select the “+” icon to create a new collection. You can then fill in the details by adding a title, thumbnail, and other details. These details will remain editable after the collection is created as well.
- Add NFT details: Continue adding your NFT media to the site. You can also continue to describe NFTs, add metadata, and specify the number of edits you want to create for each of your NFTs.
- Wait for approval: After you click save, your NFT moderators will review your NFTs. If he succeeds, you’ll see a preview and he’ll be ready to hit.
- Mint: Once you have minted all the NFTs in your collection, click the Mint button. It will show you the transaction fee for hitting your collection. After approval, sign the transaction. Do not leave this page when the mint process is complete.
- 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 the price for your collection by clicking on an NFT. This will take you to the NFT detail page. You can then list it for sale, transfer it, or withdraw it to layer 1 by clicking the Manage NFT button on the detail page.
- Edit banners: You can edit your collection banner and thumbnails after this step. Click “Edit Collection” in the collection detail page, then you can update your collection description, resources and links.
- Finish: Finally, click on Save changes to find your NFTs in the market.
Note: an NFT cannot be changed once struck. Its title, thumbnail, description and all metadata are continuously uploaded to the Blockchain.
Learn more about Gamestop Marketplace
GameStop has announced further expansion into metaverses and interoperable crypto environments in the future. The company aims to shape the web3 narrative and deliver lasting impact. Additionally, as we watch the early days of blockchain gaming take shape, GameStop aims to do more than reap lost profits for GME stocks.
The GameStop NFT Marketplace mascot is an astronaut. The market also saw some controversy earlier this year. A GME creator depicted an image of an astronaut falling from what is believed to be the Twin Towers on 9/11. The NFT was called “Falling Man” and resembled an iconic real image of a man falling from the World Trade Center during the tragic terrorist attacks. Gamestop has 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 to visitors. Gamestop is also supported by two Ethereum Layer 2 solutions – Loopring and Immutable X. Over time, Gamestop has clarified that the Immutable X and Loopring ecosystems coexist in the GME NFT marketplace ecosystem.