How to Buy GameStop NFT – Beginner’s Guide
The rush for Non-fungible tokens (NFT) has shot through the roof in 2021. NFT sales have surged to over $10 billion in Q3 2021. Popular meme stock GameStop is reportedly making efforts to enter the crypto subcategory, triggering massive interest from investors. In this guide, we examine GameStop NFTs, what the potentials are and how to buy.
What is GameStop NFT?
GameStop, which originated in Grapevine, Texas, in 1984, has long been a top-listed company. Formerly named Babbage’s, GameStop is the world’s largest video game retailer with 4,816 operational physical stores.
During its successful year, GameStop racked acquisitions in key regions, including Australia, France, Canada, and New Zealand. The company officially rebranded to GameStop in 2002 and went public. A
fter enjoying years of success, GameStop faced a major challenge following the spike in downloadable games in online stores like Xbox Live, PlayStation Network, Nintendo eShop, and Steam. Rocked by continued organisational shake-up and declining revenue, dealt a blow to the GameStop franchise.
The company considered selling off its business interest to private equity firm Sycamore Partners. However, the deal never materialised. The deal’s failure further pushed the stock price of GameStop to a 14-year low, prompting the business to announce a net loss of $673 million on February 2, 2019.
However, following a torrid 2020, GameStop shares UK caught some tailwinds following a short squeeze orchestrated by a banded group of retail investors spurred by the popular subreddit channel r/WallStreetBets.
The concerted efforts led to a 1,500% increase in GameStop stock, leading to a temporary relief on the company’s revenue. This move led investors to buy AMC shares also. GameStop has since retraced its astronomical gains, but it has been dubbed a meme stock despite this.
The company announced plans to launch the best NFT marketplace with a dedicated website already up for the blockchain asset. So far, the website only has the image of a GameBoy with the following statement; “Power to the players. Power to the creators.
Power to the collectors.” An OpenSea NFT wallet address shows the same image with a current price peg of 69.42 ETH. For the full launch of the GameStop NFT platform, NFT traders and GameStop investors are still left in the dark, with many speculating it could launch with the Ethereum 2.0 network.
What We Know About the GameStop NFT
Since GameStop announced the planned launch of NFT on its platform in late May, the firm has been mute on the actual date or what niche it would be focusing on. At the moment, there are a few things that we know about the project:
GameStop is Looking to Break Into Crypto Through NFTs
With fellow meme stock AMC announcing plans to accept Bitcoin, Ethereum, Litecoin, and even popular meme coin DOGE by the end of the year, more businesses are taking cryptocurrencies seriously. GameStop does not want to be left behind after suffering a disastrous 2019 and 2020, with revenue dropping 16% in one fiscal year.
The company’s NFT push is likely a backdoor into crypto space. As more companies learn how to invest in NFTs and given the interest NFTs have gathered in the past year, a GameStop NFT would likely be widely accepted in the community-driven investment space we are currently in. If GameStop NFT is successful, the video-game retailer may consider accepting popular digital assets for its fledgling community.
The GameStop NFT Platform Website Is Accessible
One thing we can ascertain is that the GameStop NFT website is already operational. However, it is still bare-boned with only a GameBoy image and a couple of texts written on it. There is also a wallet address that you can copy and paste on the popular NFT marketplace OpenSea.
The GameStop NFT Is Still In The Works
Also, on the GameStop NFT website, there is a call for talented individuals to join the team. Preferred candidates are engineers versed in solidity, python, gamers, designers, marketers, and community leaders. This shows that the GameStop NFT platform is still in its incubation phase.
Launch Date Is Unknown
Like everything crypto, speculations have been rife. A few have noted that the GameStop NFT platform may launch with the Ethereum 2.0 network upgrade. This is plausible given that ETH is the de facto currency for many NFT projects, but it is not viable at its current phase given the high gas fees.
If GameStop targets the transition to proof-of-stake (PoS), this will make it a phenomenal success as ETH 2.0 is believed by many as a milestone event for the top decentralised applications (dApps) facilitator. We are still awaiting an official launch date or announcement from our end and will keep you updated when we find anything interesting.
Gamestop NFT Release Date
GameStop has not announced any date for the launch of NFT on its platform. For now, the company has only set up the GameStop NFT website with an image of a game boy carrying the inscriptions – “power to the players, power to the creators, power to the collectors.” The company also disclosed on the website that it was building a team.
GameStop extended an invitation to engineers (solidity, react, python), designers, gamers, marketers, and community leaders who want to join its team. The firm asked those interested to send their profiles and other projects they have built to the company’s email.
The website’s launch has fueled the speculation that the unveiling of the gaming token may occur soon. The speculation was heightened by reports that the company recently hired Matthew Finestone as head of blockchain. But despite the anticipated launch of the GameStop NFT, no official statement has been made on the exact launch date.
How to Buy GameStop NFT
The GameStop NFT platform may be months away, but a few projects are already tokenizing the GameBoy image. As always, ETH is the most popular cryptocurrency when it comes to buying NFTs, and you can easily buy digital currency from a trusted cryptocurrency broker like eToro. Here are the steps to follow:
Step 1: Register
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Like every website, you will need to provide a few details. To create an account, click on ‘Join Now’ on the eToro website and fill in your full name, email address, phone number, username, and password. You can also register with your Google and Facebook account.
Step 2: Verify ID
The know your customer (KYC) process must be completed to unlock the full potential of the social trading platform. To do this, upload a copy of your National ID card or driver’s license and a copy of your recent utility bill or financial statement for proof of residence. This takes about five minutes to do and can be completed online.
Step 3: Deposit Funds
To buy ETH or other NFT coins like Enjin, you will need to meet a minimum deposit of $50 for US residents ($200 for other regions). You can fund your account through any of the following channels:
- Bank wire transfer
- Credit/debit cards
- Neteller and others
eToro charges a low 0.5% deposit fee, and this is one of the lowest in the industry compared to Coinbase’s 3.99% debit card fee.
Step 4: Buy Enjin Coin
The fourth stage will require you to buy ETH or ENJ. You can buy Ethereum or Enjin coin by going through the search option. All you need to do is type ‘ETH’ or ‘ENJ’ into the search and click ‘Trade’ on the first result that pops up. This will take you to the order page, where you can input the amount ($25) of ETH you want to buy.
Once the order is complete, click on ‘Open Trade’ to complete the trade. The purchased token will be sent into your eToro portfolio, and you can decide to transfer it to the eToro Crypto Wallet.
Aside from ETH, you can also use the digital wallet to store over 120 digital assets. You also do not need to worry about losing your private keys as eToro comes alongside a backup phrase recovery service.
You can then choose to transfer it to another private wallet like MEW Wallet or Trust Wallet.
Will the GameStop NFT Be a Good Investment?
This question is hard to answer, given how volatile the crypto space is. However, the boom in NFT adoption and sales means there is a high chance of GameStop NFT success. NFT advocates have noted that the burgeoning sub-sector is still in its infantile stage, with predictions pushing the digital collectibles into more mainstream sectors.
With GameStop itself being a favourite among retail users, it could easily forge a strong NFT community in no time when it launches. We believe that GameStop could tap into the blockchain gaming niche in future.
NFTs are considered one of the next-generation of digital collectibles. With tokenized digital assets now moving into popular sectors like gaming, many see it as the next frontier for companies to snatch market share.
With NFTs generally focused on decentralised community building, GameStop NFT could end up being a strike for the company, which has been hard-hit by a set of financial crises in the last decade. Once the project launches, you would need Ethereum or other compatible NFT coins to buy GameStop NFT. #We recommend using the regulated social trading platform eToro for all your crypto needs.
eToro is home to a strong community of traders and investors alike, and it offers super-low fees for cryptocurrency trading. The platform is easy to use, the setup is simple and and handsome crypto services for crypto enthusiasts.
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