On March 17, 2022, GameStop revealed its schedule for launching its NFT Marketplace in its Q4 2021 earnings announcement.
This came after a mixed results report in which the corporation was able to meet revenue expectations but saw an unanticipated decrease in earnings-per-share. Despite many difficulties in the current quarter, the corporation has big expectations for the following year.
One of them is the construction and launch of the GameStop NFT Marketplace by the conclusion of GameStop’s fiscal Q2 2022.
GameStop has been eyeing NFT for a while
For quite some time, GameStop has teased intentions for an NFT Marketplace. Now, it appears that GME expects to have an operational NFT Marketplace by the end of fiscal 2022.
This isn’t the first time we’ve heard about GameStop’s ambitions for the NFT Marketplace. When the business pegged down an NFT website in May 2021, it foreshadowed the direction.
It went even farther, allowing creators to apply for the website in December 2021. However, in late January 2022, GameStop was forced to temporarily stop new applications due to a surge of creator applications and sign-ups.
Despite the outpouring of support, GameStop seemed unprepared to handle it at the time. It appears that the corporation is taking its time entering the NFT sector.
The business has recruited recruits in blockchain gaming, e-commerce and technology, product refurbishing, and operations, with a July launch scheduled.
GameStop isn’t the only retailer entering the NFT sector, which has seen record-high trade volumes since January and a surge in interest in the technology.
GameStop soon to join a long list of enterprises
Coinbase, a publicly-traded cryptocurrency company in the United States, revealed intentions to open an NFT marketplace this week. Users will be able to discover, mint, purchase, and display NFTs on Coinbase.
Despite the lack of a launch date, Coinbase met with over a hundred developers to speed up the debut of its marketplace.
With almost 2.5 million people on the Coinbase NFT queue, it will have to focus on its core video game audience if it wants to succeed.
The NFT marketplace has been busier in recent months, and it will only get more in the months ahead. LooksRare (LOOKS), a rival to OpenSea, a well-known NFT platform, entered the market in January amidst soaring trade volumes.
With Coinbase, OpenSea, and LooksRare gaining traction in the NFT industry, competition is expected to heat up.
In a recent announcement, Mark Zuckerberg said its plans to integrate NFT on Instagram.