The PC games platform, Gamestop, released its financial statement for the fourth quarter of 2021 on March 18, 2022. The revelations seen on the document show that the company intends to launch an NFT marketplace by the next quarter. The company launched a non-fungible token in May 2021 and is looking towards growing its presence in the NFT and metaverse space.
Gamestop plans to revolutionize the gaming concept through its use of Loopring technology.
Partnership With Immutable
To this end, the platform announced various partnerships it entered into as it moves towards the establishment of a top-of-the-range marketplace. The most prominent of these partnerships is with Immutable. The L2 platform for NFTs is built on the Ethereum blockchain. The management of Gamestop announced that this technological partner will play an important role in the development of its revolutionary gaming marketplace.
Even though the company did not reveal the details of the partnership, many market watchers in the NFT space are of the opinion that what it plans to launch in the Q2 of 2022 is far more than a basic marketplace comprising buying and selling of digital collectibles. This could be the reason why the launch of the platform is taking longer than usual. A release by GMEdd stated that the partnership with Immutable is a drive towards expediting action on the project.
Taking Advantage of A Unique Brand
The statement stated that the highly anticipated Gamestop marketplace is aimed at leveraging the company’s unique brand in the gaming sphere. It added that the emphasis of the company is to grow its core business while keeping its strategic objective in view through the expansion of its market in the entertainment and gaming industry. Its eCommerce operation is morphing to make services to the customers as convenient as possible.
The company which has played a leadership role in computer gaming and virtual reality is a natural candidate for a metaverse project. It is not surprising that it is moving ahead in its quest to increase its market share in the NFT space through the premium marketplace.
The report stated that Gamestop’s product strategy is aimed at making the company the leader in gaming through the promotion of excellence in the industry through its offerings. The announcement had little impact on the company’s stocks as seen on Wall Street. GME is currently trading at $87.70, having made a slight gain of 0.97%.