Video game retailer GameStop has launched the beta version of its NFT marketplace, where users can buy, sell and trade NFTs.
GameStop has launched the first beta of its NFT marketplace where gamers will be able to buy, sell, trade, and create NFTs based on their favorite video games. The marketplace aims to offer a platform with low fees and high speeds.
At the moment, the marketplace is only in beta phase, so it is still open to changes and the implementation of new features and functionalities. The beta phase will be open until all tests are done, and for now, There is no official release date for the final product..
The market also has a functionality that will allow users to view the NFT statistics and with an educational content sectionThis content includes a variety of material ranging from the most basic concepts of how an NFT works, to tutorials on how to connect a wallet to the marketplace.
The main interface of the marketplace displays featured NFTs, NFT creators, and top collections. It is also possible to perform deeper market analysis through the Explorer interfaceAt the time of beta launch, GameStop's marketplace features 236 NFT collections.
The platform is built on Immutable X, an Ethereum layer 2 solution, making it compatible with Ethereum wallets, but also with the company's own wallet, the GameStop Wallet, developed specifically to operate with this market.
On the other hand, several Web3 and blockchain games will come to the marketplace through Inmutable X, such as Illuvium, Guild of guardians or Gods Unchained.
NFTs have lost momentum in recent months
NFTs became the main protagonists of the crypto world during 2021. However, non-fungible tokens have been affected by the fall in the markets in the first half of 2022. In this sense, NFT sales on all platforms have plummeted to historic lows in May and June 2022.
In fact, last month June saw the same number of daily sales as the previous year (19.000 sales per day), for an estimated value of 13,8 million dollars a day.
The peak of sales was reached on September 24, 2021, when sales were recorded 224.768 sales, valued at $78,3 millionHowever, the highest daily sales volume occurred on May 1, 2022, when 118.577 NFTs were sold in one day with a value of $780,4 million.
Beyond Bitcoin and Ethereum prices, a lack of demand in the secondary market and extremely high Ethereum gas fees have caused NFT sales to plummet. Over the past three months, NFT market cap has dropped by 40% and 66% of trading volume has been lost.
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