GameStop, which was on the verge of bankruptcy, was saved thanks to a group of Reddit traders who resisted the greed of Wall Street. The cash that the company received through the purchase of the shares was invested in future technologies. So you are now opening your own NFT Marketplace. In this article, we explain everything there is to know about the market and how to buy NFT at GameStop.
What is GameStop?
American video game retailer GameStop offers both games and consumer electronics. However, the company encountered problems when the gaming business went online. Instead of going to a physical store and buying CDs or games, gamers now buy their games directly online through portals like Steam or Blizzard. As a result, the company’s plan began to fail, leaving hedge funds and family offices with GameStop on their radars as a promising short-term opportunity.
On the other hand, a Reddit community called WallStreetBets decided to put pressure on all these short sellers by inflating the stock price. It was of such magnitude that it hit mainstream media and a Netflix documentary was produced about what happened.
The GameStop NFT Marketplace
After GameStop was saved from bankruptcy thanks to crypto traders, the company decided to venture into the new blockchain industry. This is indeed a smart move as focusing on being at the forefront of this industry gives the company a good edge. NFTs are becoming more and more popular and as a result, more and more big companies are entering the world of NFTs.
GameStop ImmutableX NFT
The GameStop NFT marketplace has become a reality thanks to ImmutableX.
ImmutableX is an Ethereum Layer-2 scaling solution for NFTs. It enables fast trade credits, massive scalability (up to over 9,000 transactions per second), minimal gas costs and much more without sacrificing user control. Thus, the protocol, which is built on top of a blockchain like Ethereum, is the layer 2 solution. Without using additional decentralization or security components that are essential to the blockchain, this scaling method layered increases throughput.
- No gas charges
- Fast Trade Executions
- Layer 2 is secured by Ethereum
- Carbon neutral NFTs
- Additionally, Immutable X requires zero-knowledge proof of Ethereum, so users can verify and withdraw their funds at any time.
How to buy an NFT on GameStop?
1) Reload the wallet:
After creating an account, you need to fund your wallet in order to have enough ETH for the purchase. For this, you need to buy the amount of ETH from another exchange like Kraken and send it to GameStop wallet.
2) Choose an NFT:
Once you’ve funded your account, you’re ready to explore the NFT market! To do this, click the Explore button on the homepage and browse through the listed NFTs. You can use filters to get better results.
Prices are in ETH, the USD equivalent.
3) Buy your NFT:
When you find an NFT you want to buy, just click on it. You will then be redirected to the NFT page. From there, click “Buy Now”. A confirmation window will open where you can indicate how much you want to buy. After the confirmation window, your GameStop wallet still needs to be confirmed and the NFT will be transferred to the wallet after successful payment.