GameStop unveils its NFT marketplace, alongside a $100 million grant initiative aimed at empowering game developers.

Currently, GameStop's NFT marketplace, still in beta, has a lineup of 244 collections and boasts over 53,500 NFTs. At present, only art-related NFTs are available, but the company is gearing up to introduce gaming NFTs shortly. Additionally, GameStop has plans to explore Web3 gaming in the near future.

The video game company has previously  released  The platform accommodates a GameStop wallet, along with support for other crypto wallets like MetaMask and WalletConnect. Built on the Loopring Layer 2, this self-custodial wallet promises speedy transactions at competitive rates. It's compatible with both iPhones and web browsers and enables the storage of cryptocurrencies, NFTs, and Ethereum-based assets. dApps .

GameStop also  shared  This initiative includes a robust $100 million IMX grant program, which invites creators, innovators, and builders to take the lead in shaping the future of NFTs and Web3 gaming. The application process is open to brands focused on the Metaverse, content creators, game developers, AAA studios, publishers, artists, eSports companies, influencers, celebrities, and tech developers. 

Last year, the company reported impressive revenue figures amounting to $6.01 billion,  saw  however, it has also faced an alarming 135% spike in net losses, totaling $158 million in Q1 of this year. Games Industry. reported Just last week, news broke about GameStop initiating layoffs. Reports indicated that these cuts predominantly impacted the corporate sector, including roles from its ‘Game Informer’ magazine, as highlighted by gaming industry site Kotaku. reported In May, the company reportedly let go of over 100 employees. 

Recent trends have shown a significant decline in both NFT and cryptocurrency valuations, and analysis reveals that NFT trading volumes have plummeted to their lowest levels in nearly a year. Despite this downturn, GameStop remains optimistic about the long-term prospects of NFTs and has laid out ambitious plans for its Web3 initiatives.  showing GameStop officially announces its new NFT and cryptocurrency wallet.

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