GameStop Opened ETH NFT Market After Company Layoffs

GameStop opened ETH NFT market days after the company laid off another round of employees so let’s have a closer look at today’s latest Ethereum news.

The long-anticipated Ethereum NFT platform is now live after the video game retailer laid off another round of employees. GameStop opened ETH NFT market and now has artwork but will soon add video game items in the future. Video Game retailer GameStop’s long-awaited ETH NF market is finally live with the company announcing it today and Gamestop teased plans for the NFt platform a year ago in May 2021. now, the marketplace plays host to an array of projects that run on the ETH mainnet as well as Loopring as a layer-2 scaling solution and GameStop announced a partnership to use the Immutable x Layer-2 scaling network but the market noted that Immutable X support is coming soon.

The focus is now mainly on the artwork and GameStop aims to be a huge player in the NFT gaming space where NFts are interactive items that are used in video games. GameStop and Immutable X launched a $100 million token grant fund in order to bring developers to the marketplace. The press release noted that the gaming FNTs will be added in the near future.

The NFT is a blockchain token that works as a deed of ownership and they are often used for artwork, digital goods, and other collectibles. In video games, NFTs can represent unique avatars, virtual land plots, and weapon designs. GameStop said it planned to launch a marketplace during the end of fiscal Q2 in 2022 and today’s launch met this target. It came after a busy week for the long-running retailer so Gamestop announced a four-for-one stock split which will see the shareholders receive three more shares as a dividend after the close in July. After that day, Gamestop terminated Chief Financial Officer Michael Recupero and laid off a few employees from the company.

GameStop didn’t reply to the request for comment about the layoffs but the reports show that the staff reductions applied to both the corporate division and the Game Informer video game magazine and website so the company laid off about 100 employees in May as well.