Will GameStop’s Long-Awaited NFT Marketplace Reverse Its Downturn?

Once a fixture in shopping malls across the country, gaming retailer GameStop has had a hard time coping with the digital revolution. Having posted multimillion-dollar losses over several of the last fiscal quarters, the company has not even shared a financial outlook since 2020, prompting many in the industry to predict a quick end for the company.

But a massive real estate footprint and a shift to online gaming and shopping may not be the end of the video game giant. In fact, with the beta launch of GameStop Wallet, the company’s online marketplace for selling and trading NFTs, it may be at the forefront of the next major movement in the digital world.

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According to a press release by GameStop, the new NFT marketplace represents a true achievement in bringing Ethereum-based, blockchain-driven technology to everyday consumers. Further, the release reads, “Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators, and other Ethereum environments.”

If GameStop’s plans to get in on the NFT craze are successful, this new marketplace could represent a means to a turnaround for the company. With approximately $54 million worth of NFTs expected to be exchanged this holiday season, GameStop has a real chance at bringing its business into the Web3 era.