Yesterday, GameStop officially announced the release of its NFT market with Immutable X. The website now unlocks access to web3 games like Gods Unchained, Immortal Game, and Guild of Guardians, among others.

This announcement follows beta release from the NFT market in July this year as a self-custody platform providing gaming NFTs to GameStop players and “Powerup Pro Loyalty” customers.

According to GameStop financial reportAs of January 2022, their loyalty program had approximately 50.5 million members, of whom 16.1 million (31%) purchased or traded at GameStop in the previous year. Considering its member base and the opportunity for members to access NFT through the GameStop wallet, the company’s established user base could compete with existing NFT marketplaces such as OpenSea and LooksRare, and Rarible.

GameStop’s stock value increased in January 2021 as part of the mememania. However, after raising quite a bit of funding, its price has since dropped. Arguably, its entry into the NFT market was intended to be a redemption for the company. That remains to be seen, however, considering the recent drop in NFT trading across the board. The company lost more than $260 million in the first half of the year.

Meanwhile, in February, Immutable X was announced as Gamestop’s Ethereum Layer 2 partner, along with a $100 million pool of Immutable X IMX tokens, which the parties would award to NFT technology and content creators.