Are you an artist yet to start making and selling NFTs? Well this might just be your push to get behind them. GameStop is launching a digital NFT marketplace, marking the start of gaming NFTs' cross over to the mainstream (and seeing GameStop's share price rocket by over 20%).
Joining in on the fun, the Texas-based company is launching its own crypto division, bringing in twenty new hires to develop a new online marketplace where people can buy, sell, and trade, NFTs and virtual in-game items. Set to launch in late 2022, the move is an attempt to compete with OpenSea, the largest NFT store currently worth $13.3 billion (recently embroiled in the 'all my apes gone" NFT theft drama).
With plans to create cryptocurrency partnerships that will enable creators to make games and sell items on its NFT marketplace, GameStop is currently taking requests to become a creator. Previously a troubled retailer, GameStop saw its share price soar during a Reddit-led rally that turned into a “meme stock” fiasco early last year. Since then it seems to have secured the funding and support to branch into new ventures.
But why should you care? Well if you are just catching up, NFTs are non-interchangeable units of data that exist in a blockchain and can be used to represent and track art, video, photos, music and more digital files. As the metaverse continues to expand, so will the demand for creative content - just ask the fashion designers making money designing virtual clothes you can never wear.
While GameStop may not be the first video games company to dive into NFTs, it may be starting a trend that we see video game publishers follow. Ubisoft, the publisher of Assassin’s Creed, is already onboard with its NFT platform, Quartz. Square Enix, the Final Fantasy developer, is also looking into creating an NFT platform. Backed by such giants in the industry, it is clear that blockchain tech and NFTs are the future for video games in 2022.
Make sure you aren't left behind.
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