NFT Marketplace

GameStop Set Plans to Launch NFT Marketplace in Q2

GameStop has revealed its plan to launch its NFT marketplace by the end of Q2 this year. The company cited that it has hired dozens of employees working on Web3 gaming projects that could reach completion in the near future.

Following the reports of their NFT and Web3 gaming plans,  GameStop has published its Q4 and fiscal year 2021 results. In the report, the game company synthesized the public of its intention to launch its NFT marketplace by the end of Q2.

This follows after the gaming company reached a major agreement with Immutable X, an Ethereum Layer 2 NFT scaling solution, less than a month ago. 

RELATED: Mastercard linkup with Coinbase To power NFT Marketplace Purchases

The company has lauded plans of building its own NFT marketplace for nearly a year now. Meanwhile, the long-awaited NFT marketplace is set to be launched sometime in the second quarter of this year. 

In the overview of its plans for the fourth quarter, the company cited the fact that it “hired dozens of additional individuals with experience in areas such as blockchain gaming, ecommerce, and technology, product refurbishment, and operations.”

However, the firm announced its partnership with the Ethereum-based NFT scaling solution Immutable X, which would involve Immutable X facilitating the development of the NFT marketplace GameStop had in the works. As a vital part of this deal, GameStop would receive a total value of $150 million worth of IMX tokens. As of the following day, GameStop had sold nearly 15 million of the IMX tokens it had received as part of the partnership.

GameStop ended the previous financial year with a total market capitalization of  $1.271 billion in cash and cash equivalents.

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