GameStop is making a play into crypto and NFTs.
Months after it was first announced, the GameStop NFT marketplace is now live. The nonfungible token marketplace is GameStop’s latest bid to expand its offerings beyond gaming, even as gamers express deep reservations about NFTs.
The platform, which is now open to the public for beta testing, allows users to connect their own digital asset wallets, including the recently launched GameStop Wallet, the company said in a press release. They will then be able to buy, sell and trade NFTs of virtual goods. Over time, the marketplace will expand to offer other features such as Web3 gaming, GameStop said.
This is the latest push by the videogame retailer, now chaired by Chewy founder and activist investor Ryan Cohen, to invest in a digital future. GameStop is undergoing a turnaround following several years of financial struggles, burdened in part by its massive real estate footprint and the videogame industry’s rapid shift online.
Cohen, whose 2020 investment in GameStop helped to fuel a so-called meme frenzy, was tapped last year to lead those turnaround efforts. He brought in a fresh slate of corporate leaders, including current Chief Executive Officer Matt Furlong, formerly of Amazon. He also tapped another former Amazon exec, Mike Recupero, as chief financial officer.
At the moment, you can only connect a wallet and buy NFTs. In order to sell an NFT on GameStop NFT, you have to receive an invitation. You can visit the marketplace at nft.gamestop.com.