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GameStop NFT Market Analysis: Layout, Features, and pros and cons

老雅痞

22-08-03 10:00

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Original title: GameStop NFT Market Analysis

原文来源： cryptofireside

This article is from wechat official account:Old yuppie

Controversy, ups and downs, total analyst exclusion, a comeback, and a return to the doldrums all form the backstory of GameStop, the world-famous game accessories store.

What seems like a roller-coaster stock plunge, with fans picking company names from the dust to finally implement blockchain technology as a reward for the game, has GameStop taking center stage in 2022.

GameStop's NFT marketplace was an immediate success, with more than 1,831 ETH ($2.7 million) trading volume and a first-day transaction fee of $45,000. That number means the platform surpassed Coinbase's $74,000 NFT market sales on its first day.

While it may seem like an immediate hit in a shrinking market, is the GameStop NFT Marketplace living up to expectations? This article is an in-depth review of the latest NFT market in the crypto space.

What is the GameStop NFT market?

GameStop NFT Marketplace is a decentralized platform that allows users to create, buy, and sell non-fungible Tokens (NFTS).

GameStop, headquartered in Grapevine, Texas, is the nation's leading retailer of consumer electronics, video games, and game merchandise. The company sells a wide range of gaming systems, accessories and consoles, including PlayStation, Xbox and Nintendo games, and also offers a trade-in service.

With digital video game sales increasing and even SONY launching the PlayStation 5, GameStop decided to move into crypto and is now counting on it to boost revenue. In 2021, the company posted significant losses ($147.5 million net loss in the fourth quarter of 2021) and even laid off some workers.

In February 2022, GameStop announced plans to open up its NFT market to expand the company's revenue by tapping into the growing emerging industry. The market finally graced the NFT space with the July 11 public beta.

GameStop NFT market participants can buy, sell or create digital art, collectibles, photography, sports memorabilia and other creations. The creation of NFTS in the market is currently open only to selected creators. Those interested in becoming a platform creator can apply to become an NFT creator in the market. Nft-based trading platforms are currently looking to expand user engagement and therefore want to bring in new NFT-based creators.

The GameStop NFT marketplace has 345 listed collections containing more than 57,000 NFTS. Its best-selling NFTS are Metaboy, a collection of animated GIFs totaling 10,000.

Less than a month after its launch, the GameStop NFT Marketplace has generated over $7.2 million in sales with transaction fees (royalties) of 2.25% per transaction and revenues of over $100,000. The GameStop NFT marketplace has over 54,000 different NFTS across approximately 250 collections.

How does the GameStop NFT market work

The GameStop NFT marketplace was developed on the Loopring network -- a Layer 2 (L2) extension solution on the Ethereum blockchain. Thanks to the Loopring protocol, the market offers high speed transactions and low gas rates. Ethereum's transaction costs have spiraled out of control recently as increased network congestion has caused many users to incur additional charges.

The Loopring protocol can process thousands of transactions per second on the GameStop NFT market while being cost-effective with GAS fees. Think of the Loopring as a kind of bus that batches all these transactions in the market into one big block and sends it to Ethereum. This makes transactions faster and cheaper.

The NFT Marketplace is still in early beta and currently only supports Loopring. It doesn't support Ethereum per se, which means you can't trade NFTS on Ethereum. Instead, you can only buy, sell, or trade NFTS cast on Loopring. Therefore, this market does not support all high-value, blue-chip NFTS based on Ethereum. Given that most NFTS are on the Ethereum blockchain, this is a huge limitation for GameStop's NFT market.

In addition to Loopring, this marketplace has partnered with Immutable X to offer more game NFTS in the marketplace. Immutable X is another Ethereum layer that is very similar to Loopring, but primarily supports crypto gaming NFTS, and is therefore an ideal partner for companies. GameStop with Immutable X is currently offering $100 million in grants to builders and creators to build things using cryptocurrency and use the marketplace.

GameStop NFT market layout

GameStop NFT Marketplace features a user-friendly UI/UX design. The layout is of high quality and easy to navigate. The home page gives you access to the market and featured creators that rank high on the main market pages. The page is dominated by a black and white background. There are two options on the home page for exploring the NFT market and for quickly casting (creating) NFTS, but the latter option is only available to selected users.

This page also comes with a very simple and informative integrated statistics page. The statistics page ranks the listed NFTS by volume. GameStop's market is still in beta and therefore lacks some of the features seen in other NFT markets, such as OpenSea. For example, it lacks the ability for users to view transaction data and sales data for NFTS.

Market function

While still in Beta, the GameStop NFT market contains a plethora of features that make it one of the best NFT markets in the crypto space. Some notable features on the platform include:

1. The service

GameStop NFT Marketplace facilitates the purchase, sale, creation (casting) and collection of unique collectibles, artwork, and more from a global community, creators, and global brands. These NFTS can be traded and transferred between collectors.

Users can browse a large number of NFTS using different search and filtering options based on category, price, or collection. Users can also apply to be featured creators on the platform, minting their own NFTS, setting creator fees, and earning revenue each time an NFT is sold.

2. Block chain

The GameStop NFT marketplace was developed on the Loopring network -- a Layer 2 (L2) extension solution on the Ethereum blockchain. The market also supports immutable L2 to facilitate the integration of more game NFTS in the market. The platform is a self-managed marketplace, meaning users are the true owners of their digital assets.

3. Supported wallet

Currently, the GameStop NFT market only supports three wallets. These are:

Wallet Connect

GameStop Wallet

MetaMask

Since GameStop Wallet is still in beta, MetaMask is highly recommended when using the marketplace to guard against fraud.

4. Terms of payment

GameStop currently supports cryptocurrency payments, specifically Ethereum (ETH). To make the payment, you first need to transfer ETH from the Ethereum network to the GameStop NFT Loopring Layer 2. The platform does not support payments in fiat currencies such as U.S. dollars.

Cost of 5.

GameStop NFT Marketplace charges a 2.5% fee for each transaction made on the platform. The fee is included in the NFT's selling price, meaning buyers don't have to pay anything extra for their favorite NFTS.

Creators in the marketplace have the flexibility to set creator fees as they see fit. They will then receive creator fees on each sale of that particular NFT. In addition, they can adjust the fee at any time.

6. NFTS that can be purchased on the GameStop NFT marketplace

The GameStop NFT Marketplace has a collection of over 250 NFTS containing nearly 55,000 different NFTS, some of which have multiple limited editions. Some NFTS that you can purchase on GameStop include:

The collection

art

TV series

music

Trading card

Sports sports

photography

utility

Sticker

The card

The set of NFTS is still growing, with more categories coming in the coming months.

Is GameStop NFT worth it?

GameStop is a leader in gaming and has a lot of good reviews. The company recently entered the crypto space with the launch of crypto Wallet and the GameStop NFT marketplace. While the market is still in Beta, the launch has been a huge success despite a significant drop in NFTS sales. The platform has the following advantages and disadvantages:

The pros of GameStop NFT

A large number of NFTS across multiple categories

Strong security measures

There is no minimum account requirement to use the platform -- it's open to everyone.

No buyer's fee

Easy to use

Relatively quick and cheap transaction fees

Unmanaged market

disadvantages

It only supports ETH payments, not fiat currencies

Since it is built on Loopring, it can only buy, sell, or trade NFTS cast on Loopring. As a result, most high-value, blue-chip NFTS based on Ethereum cannot be processed.

It does not offer a collection of blue-chip NFTS.

Interested NFT creators must apply to become Selected NFT Creators.

Low royalty rates

conclusion

The GameStop NFT market is less than a month old, and it has been a huge success in terms of sales despite a decline in overall NFTS. The platform's weekly sales hit $7.2 million, double the NFT sales in the history of rival Coinbase's NFT marketplace. Thanks to the Loopring L2 network, the market stands out for its intuitive user interface and relatively fast transaction speeds.

The 2.25% fee for all sales transactions is competitive with other NFT markets. However, the platform only supports ETH payments and limits the number of connected wallets in the market to three. Overall, it's a great NFT market, especially if you're an avid gamer interested in trading and collecting various NFT collections.