GameStop NFT Marketplace
GameStop NFT Marketplace is simply described as a non-custodial marketplace built on the Ethereum blockchain, using Loopring, a layer 2 scaling solution, to process transactions. It is a product of GameStop, the world's largest video game retailer.
The GameStop NFT marketplace launched on 11 July, 2022, allowing users to connect their digital wallets, including the GameStop Wallet, to buy, sell, and trade NFTs minted on the platform.
Its wallet was launched in May, even before it went live. It is non-custodial and works as a browser extension for Google Chrome and Brave. Other non-custodial wallets compatible with it include MetaMask and WalletConnect.
Its launch was a great success, resulting in more than 5,000 ETH (almost $7.2 million at the time) in trading volume within the first week. This was more than double the Coinbase all-time trading volume.
The video game retailer built its NFT platform on Loopring because of its cheaper transaction fees and scalability. The protocol uses zero-knowledge roll-ups to offer services with cheaper transaction fees and boost scalability.
Still new in the market, only approved creators can mint non-fungible tokens on it. However, its team is working on adding more functionalities, including categories such as Web3.0 gaming and other Ethereum-based applications.
There are also plans to enable it to support non-fungible tokens from other platforms that live on blockchains it supports.
How to Use It
Step 1: Create or connect a wallet
New users have to create or connect a compatible wallet to start using the platform.
Step 2: Funding
After creating the wallet, it will have to be funded with some ETH to perform any transaction. There are two ways to fund it.
Firstly, users can buy ETH directly from any of the payment providers permitted by the platform. ETH will then be deposited into the user's wallet, allowing them to buy NFTs.
Another way is to transfer ETH from their connected wallet on Ethereum layer 1 to the layer 2 network (Loopring). Because Ethereum layer 1 is involved in the transaction process, users who use this method will incur gas fees.
Step 3: Buy NFTs
Finally, users can buy their desired NFTs. There is an option to search through the available collections before settling on the one to buy. A "buy now" button will take the user to the checkout window to confirm the transaction.
The platform charges a service fee of 2.25% for every transaction. It also takes a creator royalty fee (in the range of 0-10%, as set by NFT creators). Creators get a royalty fee whenever their NFT is traded on the platform.
GameStop may still be a new player in the market, but it has already proven it is worth watching. Good things are expected from the platform as it continues to grow and offer more market-competitive services.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.