The NFT growth spurt in recent years woke the video game giant GameStop to a new dream: to create an NFT marketplace that gives the power back to players, creators, and collectors.
Gamestop has the potential to generate more interest in games and NFTs than most other marketplaces that currently exist. As a bonus, they’re advertising no more gas fees when you transact through their NFT marketplace.
How is that possible? And what does it imply for first-time NFT buyers?
Read on and learn more about the platform that’s primed to be a crossover between eCommerce and blockchain.
How Does the GameStop NFT Marketplace Work?
While the company is still developing its marketplace, the hints it has dropped so far reveal clues as to how the platform is going to work.
It might, for example, take advantage of the Loopring project. Loopring’s GitHub repository has an “NFT-DEV” branch with an amended code, making references to GameStop plus the use of the InterPlanetary File System (IPFS).
GameStop’s use of IPFS would just be fitting. The IPFS would provide a decentralized solution for storing and retrieving files, data, websites, and applications.
GameStop will explore the Ethereum blockchain
One intriguing feature of GameStop’s NFT Marketplace teaser page is its Ethereum smart contract address. The page doesn’t provide any other information about it, but it seems to confirm at least one thing. GameStop will explore opportunities in the Ethereum blockchain.
You could say it’s a logical move, given that famous marketplaces such as OpenSea are Ethereum-based.
GameStop NFT platform could be compatible with layer 2
This potential compatibility with Ethereum layer 2 products could also mean savings for users. Layer 2 solutions help reduce overall transaction costs, thus saving users from paying hefty fees for any network activity.
Loopring is one of those layer 2 solutions. If GameStop is indeed going to work with Loopring, or any other layer 2 solutions for that matter, then it would be good news to NFT enthusiasts.
Loopring, in particular, had announced in a LinkedIn post in October 2021 that they’d be enabling NFT support. This move would allow ”anyone to mint and trade NFTs instantly and gas-free.”
The same post also reveals that “this functionality is now the foundation of a new NFT marketplace launching soon.”
While we aren’t sure if that marketplace is actually GameStop, there’s a high chance that it is. Or, GameStop could also be partnering with other similar initiatives.
GameStop’s Call for NFT Creators Is Quite Inviting
The video game giant is ambitious enough to promise to give “power to the players,” “power to the creators,” and “power to the collectors.”
When you click on the “Let’s go” button, you’ll be asked to answer a few questions. The second one is quite interesting. It asks the curious creator about the best way to describe themself.
You either describe yourself as an “independent artist / creator / game dev / meme lord” or a “company / brand / game studio / IP holder.”
Apparently, this distinction tells us at least one thing. GameStop is interested in including both creative individuals and established game studios and companies in its platform.
Individuals—those who choose category A—will then be asked about their experience with creating NFTs or using the Ethereum wallet. The flow of questions reveals that GameStop is welcoming even aspiring NFT creators—artists, for example. They may not yet have prior experience with NFTs, but they could already be creating something worth putting out.
Meanwhile, those who identify with category B will be asked to provide a link to their website or tell GameStop what their organization is all about. They will also be invited to tell more about what they may have in mind while seeking to collaborate with the GameStop NFT Marketplace.
In both cases, it appears that GameStop is still open to many possibilities.
After successfully filling out the form, the interested creator will receive an email confirmation. Once again, GameStop will reiterate in the email that it’s opening up minting on a rolling basis.
GameStop May Take Time Before It Finally Launches Its NFT Marketplace
Damiana Amabile, Director of Product at GameStop, has also made several points on Twitter about how GameStop is going to position its NFT Marketplace among other options. In a Twitter thread in October 2021, Amabile shared how “not easy” it was to purchase an NFT via OpenSea.
Apparently, the director has prior experience with eCommerce. eComm today has conditioned ordinary buyers to be able to “single tap” and checkout on most online stores. And yet, the NFT UX space has yet to reach that level of simplicity. It appears that it’s one of GameStop’s goals; to ease the resistance of first-time NFT buyers when they try to do it in GameStop’s Marketplace.
Another point Amabile made is about “gas fees” and how it’s a foreign concept to a majority of the common people. “Gas fees” may correspond to “shipping fees” in eCommerce, but can cost 10x the price (of regular shipping fees). The director further notes how gas fees as high as ~$100 can turn off newcomers from following through with an NFT purchase.
With these potential customer objections in mind, GameStop might be on its way to bridging the gap between eCommerce and blockchain.
So all in all, the promise and potential are high. The same goes for expectations.
With NFT enthusiasts already hyped up about the GameStop NFT Marketplace launch, it may be better delayed than to be launched buggy and without fulfilling the promises.
But one thing’s been clear; the team behind this ambitious GameStop feat will do all they can to keep their hands busy this entire year of 2022.
Getting excited to start with your NFT venture yet? Go check out our other NFT news and stay up to date with us!
0 Comments