Data Backup Digest

The executives behind GameStop are no strangers to breaking news. It wasn’t long ago when they made headlines as their stock began to skyrocket out of control, and, although it’s since reverted to a normal price, the driving forces behind GameStop are still very interested in tapping into new and unique revenue streams. Never has this been more evident with the recent unveiling of GameStop NFT.

What are NFTs?

If you haven’t heard by now, non-fungible tokens (NFTs) are raising quite a bit of controversy online. Whereas some early investors view them as the natural evolution of blockchain-based cryptocurrency, such as Bitcoin, others view NFTs as nothing more than a passing fad. In either case, it seems the many companies – including GameStop – are eager to cash in on the next big craze.

Introducing GameStop NFT

The news was officially announced in mid-July 2022. Although it’s important to note that GameStop NFT is currently in its beta testing phase, it seems that GameStop is taking its new investment very seriously. Since they’ve recently launched the GameStop Wallet, a digital form of securing blockchain-based assets, it’s a natural pairing for the GameStop NFT platform.

According to the official press release, GameStop NFT marketplace is a “non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain.“

Since it’s currently available for public beta testing, anyone can browse the NFT offerings that are already on their marketplace. Current offerings include a variety of digital images, animated shorts, anime, videos, and more.
But how long will the NFT craze last? According to some, it’s already over.

The Future of NFTs

Unfortunately for GameStop, the timing of their digital wallet and their NFT marketplace couldn’t be worse. Both have come in the midst of a widespread crypto market crash, which seems to be affecting NFTs even more than the many different forms of cryptocurrency.

Assuming these markets recover, this could end up being a smart move for GameStop. If the cryptocurrency and NFT markets continue their downturn, however, it might just be the nail in the coffin for a company that is already struggling to stay afloat.

One of the biggest issues with the current state of NFTs is the sheer volatility of the marketplace. While the world of NFTs has already seen some significant support from some major investors, many are still wary. While the fact that NFTs are based in the blockchain gives some investors extra confidence, it doesn’t do anything for those who have yet to embrace Bitcoin, modern cryptocurrency, or the blockchain as a whole.

There have also been some major controversies surrounding the general NFT market, including legal concerns over who actually owns the rights to these digital images. In some cases, it remains a legal grey area.

For more information on NFTs in general, or to view the GameStop NFT marketplace during this public beta testing phase, head over to their official website at {{https://nft.gamestop.com|nft.gamestop.com}}.