GameStop's Ethereum L2-Based NFT Marketplace Is Now Live: What You Need To Know

Consumer electronics and video game retailer GameStop Corp. (NYSE: GME) has officially launched its non fungible token (NFT) marketplace.

What Happened: In a July 11 press release, GameStop said the marketplace will allow gamers, creators, collectors, and other community members to buy, sell and trade NFTs.

In order to do so, users to connect to the platform with the newly launched GameStop cryptocurrency wallet or their own Ethereum (CRYPTO: ETH) compatible wallets.

See Also: Why GameStop Stock Is Rising After Hours

The NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace. The use of such a scaling solution means that the marketplace will have lower costs and higher transaction speeds.

GameStop initially planned to launch its NFT Ethereum Layer 2 solution Immutable X (CRYPTO: IMX). However, earlier this year, the company said it partnered with Loopring (CRYPTO: LRC). At the time, Loopring said users would be able to mint NFTs on the platform for less than $1.

There are currently more than 200 collections on GameStop’s NFT marketplace and over 50,000 NFTs listed on the platform.

“Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators, and other Ethereum environments,” said GameStop in a statement.

See Also: HOW TO MAKE AND SELL NFTS

Price Action: According to data from Benzinga Pro, GameStop shares rose 1.1% after hours. At press time, Ethereum was trading at $1,088, down 5.74% over the last 24 hours.