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Press Start: GameStop Reveals When Its Exclusive NFT Marketplace Will Launch

GameStop, the largest retail gaming destination, has entered the crypto space. GameStop has released the results for the fourth quarter of 2021. In this report, perhaps a popular video game store has decided to launch an NFT marketplace. The NFT marketplace will be released “by the end of the second quarter of 2022”. This means it will be available around June 30th.

The first report from the fourth quarter overview said the company organized a large crypto-led recruitment campaign last spring.

GameStop focused on the fact that it hired dozens of additional individuals with experience in areas such as blockchain games, e-commerce and technology, and product refurbishment and operations.

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The long-awaited move from GameStop

Needless to say, given that GameStop announced a partnership with Immutable X, this step forward with GameStop was highly anticipated.

ImmutableX is a scaling solution for transactions to occur seamlessly in Ethereum, so the operation of the NFT marketplace is done in Ethereum itself. ImmutableX’s transaction scalability facilitates 9,000 operations per second and does not charge users.

In addition, from this transaction with ImmutableX, GameStop will receive $ 150 million worth of IMX tokens. These tokens will be delivered as GameStop begins to reach its set goals and goals as they progress.

This money will be used to fund developers and other creators working on the platform. GameStop is said to have sold 15 million IMX tokens received as part of the transaction.

GameStop reported quarterly losses

GameStop provided confirmation of the launch of the NFT Marketplace, but GME inventory has moved nearly 10% south in the last 24 hours. This fall may be due to the company’s sluggish performance from the previous year. Retail video game platforms lost nearly $ 148 million in the fourth quarter of 2021.

But early last year, shortly after all Reddit users teamed up to revive the company, the company recorded huge growth of over 100%. Reddit users acted as saviors by buying stock in the company to protect the company. Wall Street Hedge Fund.

In particular, the move has caused GameStop’s share price to skyrocket by almost 180% from $ 17 to $ 480. Immediately after this, the price of GME tokens plummeted, but at the time of the press GME was trading at $ 89. The coins have been collected.

Also, GameStop isn’t the only company that wanted to embark on a Web3 journey, there are many other organizations that share the same vision. Recently, Spotify has shown an interest in entering the NFT marketplace.

Ubisoft claims to be “embarrassing” about its crypto plans, but it’s not the first gaming company to enter the field. Apart from these names, the company is trying to witness huge names such as Binance, OpenSea and Coinbase. It’s even more competitive.

GME that has been traded sideways in the last 24 hours. Image Source: TradingView GME / USD

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