GameStop (GME) NFT Marketplace officially launches

GameStop's pivot to Web3 gaming has officially begun with the launch of their NFT marketplace.

Asif Khan

July 11, 2022 2:00 PM

2

GameStop NFT Marketplace has officially launched, and it is just in time for a painfully terrible crypto bear market. The company just made the launch of their long-awaited entrance into the Web3 space official. 

Whoops

— Ryan Cohen (@ryancohen) July 11, 2022

Here's the release statement just posted to GameStop's Investor Relations website:

GameStop Launches NFT Marketplace

July 11, 2022

Public Beta Version Live at https://NFT.Gamestop.com

GRAPEVINE, Texas--(BUSINESS WIRE)--Jul. 11, 2022-- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it has launched its non-fungible token (“NFT”) marketplace to allow gamers, creators, collectors and other community members to buy, sell and trade NFTs. The Company’s NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain. The marketplace, which can be accessed at https://nft.gamestop.com, allows parties to connect to their own digital asset wallets such as the recently launched GameStop Wallet. Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators and other Ethereum environments.

While GameStop is describing today as the official launch of its NFT Marketplace, the company also is describing the platform as still in a "Public Beta Version." GameStop Wallet launched its beta Chrome extension in May of this year, but now the company appears to be ready to sell NFTs. GameStop's NFT Twitter account has been extremely active with announcing partners for the marketplace over the past few months, but apparently today was the day to kick things off. The NFT Marketplace launch is the fulfillment of a promise made by management that the platform would launch by the end of Q2 2022.

An email from GameStop CEO Matt Furlong to the company's employees has been obtained by our friends at GMEdd.com:

Today's launch reflects months of hard work on the part of our blockchain group and many individuals across the organisation. It’s also the result of our ability to form new partnerships with artists and creators as well as technology partners including Loopring and Immutable. Although we have a lot of work ahead of us, this launch demonstrates the degree to which GameStop is transforming as we embrace change and pursue new areas of opportunity.

The timing of this release is somewhat terrible, as the broader cryptocurrency markets are in extremely rough shape. Crypto broker Voyager Digital has filed for Chapter 11 bankruptcy after excessive loans were made to hedge fund Three Arrows Capital (3AC), and there are reports of other crypto exchanges struggling to contain the apparent contagion following 3AC's default on a $670 million loan. 

GameStop shares did jump in after-hours trading on the news of the NFT Marketplace launch, and the stock even bucked today's market trends by closing in the green before this announcement. GME shares are set for a four-to-one stock dividend split just next week, and many investors, traders, and short sellers will be keeping an eye on the stock ticker leading up to July 22 when the shares will begin trading on a split-adjusted basis.

This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.

Full Disclosure:

At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:

Long GameStop via GME shares

Long GameStop via GME call options

Asif Khan

CEO/EIC/EIEIO

Asif Khan is the CEO, EIC, and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Tendobox.com. Asif is a CPA and was formerly an investment adviser representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focused on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he is an unapologetic fan of most things Nintendo. Asif first frequented the Shack when it was sCary's Shugashack to find all things Quake. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Asif also has an irrational love of Cleveland sports.