GameStop's long-awaited Ethereum NFT marketplace is now operational, the company announced today. More than a year ago, GameStop hinted at plans to launch an NFT platform in May 2021.

The marketplace is home to a number of innovative projects that make use of Loopring, a layer-2 scaling solution, as well as the Ethereum mainnet. Despite the fact that GameStop has already announced an agreement to use the layer-2 scaling network, the marketplace states that Immutable X functionality is "coming soon."

Despite the fact that the current emphasis is primarily on artwork, GameStop wishes to be a significant participant in the NFT gaming industry, where NFTs are interactive objects used in video games. GameStop and Immutable X established a $100 million token grant fund to assist game developers in entering the industry. According to a press release, gaming NFTs will be added in the future.

The company is now utilizing hot growth sectors such as NFTs. The distinctive digital assets have elicited both enthusiasm and skepticism. Retail experts predict that they will be a popular holiday gift. According to Salesforce, users are expected to purchase over 500,000 NFTs from merchants between November and December, totaling a $54 million market value.

Others, on the other hand, may believe that the market arrived a little late. Avatar and virtual artwork sales may be slowing after reaching all-time highs due to the pandemic. Furthermore, GameStop must compete with well-known NFT markets such as the massive OpenSea.