Could this new push make a turnaround for the company?
The NFT market and other blockchain-associated categories such as cryptocurrency are going through a tough time right now. The value that these grifts see themselves as are falling through the floor and GameStop has made its statement on the matter:
It was worth noting that the company hired dozens of employees with experience in blockchain gaming, product refurbishment, e-commerce and technology, and operations. The product of Game Stop jumping into NFTs led to a jump in the company's stock.
To get the marketplace and NFT plans off the ground, GameStop teamed up with Immutable X, an Australian game company.
To keep prices low, the duo established a $100 million fund for NFT gamers, and Immutable X promised that there would be no gas fees for minting and trading NFTs. In addition, GameStop will receive $150 million in IMX tokens if certain milestones are met.
It is unclear what the plans of GameStop are at this point, a company that has largely been operating as a meme on the internet. This can be a bid perhaps to access an emerging market as GameStop has for the most part been left behind with most gamers moving towards digital platforms for their gaming needs.
GameStop for the most part has not adapted to online scalability and has relied even for the better part of this year on their brick and mortar stores to keep them afloat.
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