Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Gamestop NFT Marketplace Review 2023: Fees, Pros & Cons

    buy nft gamestop

    Gamestop NFT marketplace Review: Our Opinion

    GameStop NFT marketplace is a good marketplace for NFT gaming enthusiasts who wish to trade NFTs. The platform features competitive fees, an intuitive user interface, and fast transaction speeds which also help to facilitate ease of use and great user experience.

    However, because GameStop NFT is built on Loopring, users can only trade, sell, or buy NFTs minted on Loopring. This is a huge disadvantage as you’ll be unable to deal with a lot of the high-value NFTs most of which are built on Ethereum.
    gamestop nft marketplace

    An Overview of Gamestop NFT Marketplace

    Headquartered in Grapevine, Texas, GameStop is the leading consumer electronics, and video gaming retailer in America. The brand offers a broad range of accessories, and gaming systems including Xbox, PlayStations, WII, Nintendo, etc.

    GameStop recently decided to get in on the crypto world after a massive recorded loss of over 140 billion in the fourth quarter of 2021. The company is counting on its crypto investment to boost its revenue.

    In February 2022, GameStop announced that it intends to launch its NFT marketplace to participate in the fast-growing sector of the blockchain space and in turn grow the brand’s revenue. On the 11th of July 2022, the GameStop NFT marketplace was finally launched.

    The GameStop NFT marketplace is a platform built with the concept of decentralization that enables users to buy, sell, and mint NFTs. Users can interact with several types of NFTs including collectibles, digital art, photography, and much more.

    Pros

    Cons

    Key Features of Gamestop NFT Marketplace

    The GameStop Wallet

    The GameStop wallet is a browser extension non-custodial wallet that works in tandem with the GameStop NFT marketplace. The wallet was launched in May 2022. GameStop NFT Marketplace users can store, send and receive NFTs and crypto and interact with Web 3 apps within the wallet.

    Since it is a self-custodial wallet, users have full control of the NFTs and digital assets stored in the wallet. This means that the wallet owner is responsible for the assets held in the wallet.

    The wallet browser extension is available as an add-on for Google Chrome and Brave web browsers. To install the wallet extension on your browser, visit this page and click the “Download” button.

    You will be redirected to GameStop’s official listing on the Google Chrome store. Click “Add to Chrome”. Once you do this, the wallet extension will be installed in your browser and the wallet icon will be displayed in the extensions tray of your browser.

    After downloading the wallet browser extension, you will need to create a wallet by clicking on the “Create a wallet” button and writing down your secret phrase.

    Since Metamask is one of the wallets supported by the GameStop NFT marketplace, you can migrate your MetaMask wallet to your GameStop browser extension wallet by recovering your wallet with the same recovery phrase generated by MetaMask when you first created your MetaMask wallet.

    If you already have a GameStop browser extension wallet, migrating your MetaMask wallet to your GameStop NFT wallet will overwrite your current GameStop browser extension wallet. It will be replaced with your MetaMask wallet accounts.

    You can migrate your MetaMask wallet to your GameStop browser extension wallet by doing the following :

    • First, recover your MetaMask Secret Phrase by going to the Security and Privacy page in Settings and clicking “Reveal Secret Recovery Phrase”. You can skip this step if you have your MetaMask Secret Phrase. 
    • Open your GameStop browser extension wallet 
    • Click the “Profile” icon and select “Menu” 
    • Select “Lock” and you will be redirected to the password screen in your GameStop browser extension wallet. 
    • Select “Recover wallet” and input your MetaMask Secret Phrase. 
    • Import your wallet. Once you do this, your MetaMask wallet will be migrated to your GameStop browser extension wallet 

    If you do not wish to override your existing GameStop browser extension wallet by migrating Metamask, you can install your MetaMask wallet and any other compatible wallet and use it alongside the GameStop NFT Wallet.

    To do this, you will need to go to your marketplace wallet settings and click “Set as Default”. This will automatically make the GameStop wallet your default wallet. If you want to use another wallet as the default wallet, you can uncheck “Set as Default” on your GameStop browser extension wallet and set your preferred wallet as the default wallet.

    Types of NFT You can Buy and Sell

    buy and sell nft gamestop

    At the moment, the GameStop NFT marketplace offers more than 350 NFT collections with about 55,000 unique NFTs, a couple of which come in limited editions (meaning only the buyer would ever have that NFT).

    That said, some of the NFTs available for purchase include; collectibles, TV Series, Trading Cards, Music, Utility, Cards, stickers, Sports, Art, and photography. GameStop is constantly growing its collections so there will be more added to the platform in time.

    Supported Blockchain

    GameStop NFT marketplace runs on Loopring Layer 2. Information on their website shows that the marketplace will soon support the Ethereum mainnet and Immutable X.

    Supported Wallets

    GameStop NFT marketplace only supports the GameStop Browser Extension Wallet, Metamask, and WalletConnect.

    NFT Minting

    GameStop NFT marketplace allows NFT creators to mint NFTs on its platform. However, to become a creator who is eligible for minting, creators must go through an application process

    Minting on GameStop is like it is with other marketplaces that support the feature. 

    To mint, you need to add a thumbnail, and a title, and upload your artwork. You’ll also be prompted to add other items like metadata and a description of your NFT. After that, you can go on to mint your NFT. 

    GameStop supports 3D media, animations, images, and much more as media files. Once you’ve successfully minted your digital item, it will appear in your wallet within the collections tab. 

    How to Buy NFT on GameStop NFT Marketplace?

    To buy NFTs on GameStop you must have a supported crypto wallet such as MetaMask, GameStop wallet, or WalletConnect. So first, create a crypto wallet and add Ethereum (ETH) to it.

    Ensure you add enough to cover gas fees. Also, GameStop only supports Ethereum so you need to have it in your crypto wallet before proceeding to the trade. 

    Next, open GameStop’s NFT marketplace on your PC and click the “Connect” button to link your crypto wallet to the platform. 

    Transfer Ethereum from the Ethereum blockchain to Loopring Layer 2. It is important to state that when you’re buying NFTs on GameStop’s marketplace only Ethereum that has been deposited to Layer 2 will be accessible on the platform. 

    Next, browse through the marketplace, you can filter the search by creator, genre, listings, and much more. There’s also a stat filter that shows you the total sales volume of a collection, etc.

    Once you find an NFT you’re interested in purchasing, click it, and then click the “Buy Now” button. You will see the total amount required for the NFT and all associated transaction fees. Hit “Checkout” to begin the transaction

    Clicking checkout will trigger your wallet to open up a window detailing the gas fee necessary to finalize the transaction. Accept all prompts to buy your NFT.

    Gamestop NFT Marketplace Fees

    GameStop NFT marketplace charges users 2.5% for all transactions on its platform. This fee is added to the NFT sale price, so buyers won’t pay anything extra when purchasing an NFT. Artists have the flexibility to set creator fees as they choose and they’ll receive creator fees on any form of sale of that NFT.

    Payment Methods

    GameStop NFT marketplace supports only 1 payment method which is Ethereum (ETH) which has been transferred from the Ethereum blockchain to Loopring Layer 2. GameStop does not offer support for any form of fiat currency.

    Customer Service

    GameStop NFT marketplace users can only contact the GameStop NFT marketplace customer support team by submitting a support request through the link on their official Help Desk. Information on the GameStop website shows that it does not offer blockchain support via Discord, Twitter, or any other social media platforms for security reasons.

    Security

    The GameStop browser extension wallet is a self-custodial wallet. This puts the user in full control of their crypto assets. The security of the assets in the wallet is dependent on the security practices of the user. Users can protect their wallets with a password, this is different from the recovery phrase which must be stored securely

    GameStop NFT marketplace uses the InterPlanetary File System (IPFS) to provide a decentralized and distributed solution for storing and accessing files and data. IPFS is a distributed file storage protocol and distributed system that allows computers all over the world to store and save files as part of a giant peer-to-peer network. This enables creators to distribute their works without any cost.

    Final Thoughts

    GameStop is a video game retailer that delved into the NFT space recently. The GameStop NFT marketplace has achieved tremendous success a few months into its existence, even gaining in revenue in its first 2 days more than the Coinbase NFT marketplace achieved. This is due to its competitive fees, ease of use, and wide selection of NFTs. However, where the platform drops the ball is with its supported blockchain (Loopring), which limits the type of digital assets it can offer. Users who are searching for popular Ethereum-based NFTs won’t find them on the platform.

    Our extensive analysis of the NFT Marketplaces doesn’t stop here. You can also read about our Foundation NFT Marketplace Review as an alternative to GameStop or you can check out our list of Top NFT Marketplaces

    FAQ

    Most frequent questions and answers

    GameStop is a legitimate NFT marketplace founded by GameStop America’s largest video game retailer and accessory plug.

    There are several great marketplaces to sell NFTs including OpenSea, Rarible, Binance NFT, and GameStop NFT marketplace. These all offer competitive fees, thousands to millions of NFTs, and much more.

    GameStop and Immutable launched a $100 million joint fund to invest in gaming NFTs. 

    Yes, you can sell NFT without gas fees if your chosen NFT marketplace supports the service. However, this feature typically involves the buyer paying for the gas fee instead which increases the sale price.

    The largest NFT marketplace in 2022 is OpenSea.

    Bored Ape Yacht Club is the biggest NFT collection by sales volume according to CoinMarketCap.

    Yes, GameStop offers NFTs via the GameStop NFT marketplace.

    GameStop sought to partner with the FTX exchange, however, since the latter’s collapse it’s yet to be seen how the partnership will proceed.

    You can receive, send and store NFTs and cryptocurrencies with the GameStop browser extension wallet. The wallet also allows users to interact with Web3 apps.

    All NFTs listed for sale in the GameStop NFT marketplace must have a matching thumbnail. The specifications for thumbnail animations are 5MB max, GIF, WEBP, and APNG while that of thumbnail images is 5MB max; JPEG, PNG.

    The Bulk listing or bulk uploading feature is currently not available on GameStop NFT. Creators are only allowed to manually mint and list their NFTs one by one.

    Since GameStop does not have custody of the digital assets in your GameStop wallet, if your account is blocked or suspended due to a DMCA takedown or Terms of Service violations, you will still be able to access your wallet. You can access your wallet through other Ethereum L2 platforms and UIs. You can also transfer the NFT to another wallet or withdraw it to Layer 1.

    Only NFTs that were minted on GameStop NFT can be traded in the GameStop NFT marketplace. Currently, NFTs minted outside GameStop NFT cannot be traded.

    Currently, GameStop only supports Ether (ETH). NFTs are bought and sold in the GameStop marketplace with ETH on layer 2.

    GameStop’s NFT marketplace uses an invite-only method to enlist creators. If you wish to become a creator, you will need to fill out the creator applicator form. Only approved applicants are listed as creators on the platform. If your application is not successful you won’t be able to mint or sell on the GameStop NFT marketplace.

    We always try to provide the most accurate information available, and make sure our team follow through.
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