GameStop is taking another step into blockchain technology with its new NFT marketplace. The retailer has launched the beta version of its non-fungible token marketplace, according to a press release Monday. It had announced plans for the marketplace in February, tapping Immutable X to develop the platform.
The release comes alongside a marketwide dip in NFT sales. Trading on OpenSea, the world’s largest NFT marketplace, decreased by over 70% in June month over month, according to Dune Analytics. GameStop isn’t alone in its NFT interest though. EBay acquired NFT marketplace KnownOrigin in June as part of its digital transformation. Lowe’s, American Eagle Outfitters, Pacsun and Prada have all released NFT-related products within the past year, indicating a trend across the retail industry.
The new GameStop platform is Ethereum Layer 2-based and non-custodial, meaning users have complete control of assets but can’t recover their accounts if login information is stolen or lost. GameStop teased future plans for the marketplace, stating it “will expand functionality to encompass additional categories such as Web3 gaming, more creators and other Ethereum environments.”
This follows news last week that GameStop fired its CFO Michael Recupero after less than a year, and is reportedly planning layoffs. The retailer also launched its own digital wallet for cryptocurrency and NFTs in May, which is compatible with the new NFT marketplace.
GameStop’s foray into blockchain technology started after activist investor Ryan Cohen became board chairman in March 2021, pushing the company to transform into a technology business.
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As consumer data becomes more readily available, a host of new opportunities (and missteps) has opened up for retailers that want to tap into the potential of rich shopper data.
Hedge funds have been pressing for everything from new leadership to company spinoffs at some mainstay industry players.
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