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1:00 Bitcoin faces resistance before CPI
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2⃣ 𝗦𝗜𝗚𝗡 𝗨𝗣 𝘁𝗼 𝗔𝗡𝗬 𝗕𝗮𝗻𝘁𝗲𝗿 𝗘𝗫𝗖𝗛𝗔𝗡𝗚𝗘 𝗣𝗔𝗥𝗧𝗡𝗘𝗥 𝗕𝗘𝗟𝗢𝗪:
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The post Roaring Kitty’s return triggers meme coin surge and GameStop stock spike appeared first on Top Crypto Game.

With a surprising move, GameStop announced the closure of its NFT marketplace on February 2nd, citing persistent regulatory uncertainties in the Web3 crypto space. 

The gaming giant, which had already removed support for its NFT wallet in November for similar reasons, is following the trend of large companies distancing themselves from NFTs. 

The decision comes after last week the social media platform X discontinued the NFT profile picture feature.

The context of GameStop in the NFT and Web3 world

GameStop’s entry into the NFT arena began in May 2021, at a strategic moment, shortly after a retail-driven market squeeze inflated the value of the struggling stock. 

The marketplace was officially launched in July 2022, quickly securing a place among the top ten platforms with an impressive trading volume of $6 million in the first two months.

However, recent data indicates a sharp decline, with a volume of only about $40,000 recorded in the last month.

Despite the initial enthusiasm, GameStop’s aspirations for NFTs have not materialized as expected. 

As part of its previous attempts with NFT, the company received a substantial grant from the Immutable-2 gaming layer, which established a $100 million NFT gaming fund. 

However, GameStop has chosen to sell a significant portion of its tokens from this agreement. The company has also been integrated with the layer-2 Loopring.

It is interesting to note that, while 2023 has seen a decline for NFTs, Blockworks has reported that the gaming sector remains a promising area for utility-focused NFTs.

However, the recent decision by GameStop indicates a different perspective, as the company seems to be moving away from the NFT landscape.

In this context, the gaming platform Nifty Island, based in Austin, has taken a bold step by releasing the beta version of its open-world game. 

The game introduces a new concept where users inhabit islands and play as 3D renderings of their NFT avatars. 

This move aligns with the broader trend of the Web3 space, which aims to bring utility to NFTs by allowing holders to seamlessly integrate their collectibles into the metaverse.

The new philosophy of Nifty Island in the metaverse

Despite GameStop’s exit from the NFT market, the broader Web3 ecosystem continues to witness innovations aimed at merging virtual experiences with blockchain technology. The closure of GameStop’s NFT market raises questions about the regulatory obstacles that still loom over the industry. 

The company’s decision to exit the sector indicates that, for some, the regulatory environment remains a formidable challenge.

The bold move by Nifty Island in the open-world gaming arena aligns with the growing sentiment that service-focused NFTs can be a key factor for adoption. 

The ability to seamlessly transport NFT avatars in a metaverse environment represents a forward-thinking approach that seeks to redefine how users interact with their digital assets. This paradigm shift is not limited to the gaming industry, but reflects a broader trend in the Web3 space.

The metaverse, once a buzzword that captured the imagination of cryptography enthusiasts, is experiencing a resurgence of interest. The support of Warner Bros. 

Discovery to a metaverse project in the style of Ready Player One suggests that major operators still see the potential of creating immersive virtual worlds. 

The concept of the metaverse, which had somewhat fallen out of use, is now gaining renewed attention as companies explore ways to integrate NFTs and blockchain technology into interactive digital spaces.

Nifty Island, pioneer of a new era of NFT integration in games, joins a growing list of projects seeking to bridge the gap between the digital and physical world. 

The vision of users expressing themselves through their virtual identities, just as they would in the real world, indicates a profound transformation in the way we perceive and interact with digital resources.

Conclusions: the Web3 and NFT space continues its evolution despite GameStop’s exit from the market

Although GameStop’s exit from the NFT market may be seen as a setback, it is essential to recognize that the Web3 space is dynamic and constantly evolving. Companies are continuously adapting their strategies to address regulatory uncertainties and market trends. 

The recent decline in NFT activity during 2023 could be a temporary phase, and the gaming sector’s ability to recover, highlighted by Blockworks, suggests that service-focused NFTs could be a catalyst for renewed interest.

In conclusion, the closure of GameStop’s NFT market reminds us of the challenges that companies must face in the unpredictable landscape of the cryptocurrency space. 

When one door closes, another one opens, and the adventure of Nifty Island in the realm of Web3 games exemplifies the industry’s determination to explore new frontiers. 

The metaverse, once again in the spotlight, promises to reshape the way we engage with digital assets, bringing us closer to the vision of a perfectly integrated virtual and physical world. 

As we navigate through these uncharted territories, the intersection between gaming, NFTs, and the metaverse continues to be a fascinating space to observe.

The post The closure of GameStop’s NFT market signals a change of wind in Web3 appeared first on Top Crypto Game.

The post GameStop closes the NFT marketplace appeared first on Top Crypto Game.

#bitcoin, #LeagueofLegends, #WSB, #wallstreetbets, #ethereum, #eth, #btc, #crypto, #altcoins, #reddit, #robinhood

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Timestamps
00:00 Storm X (STMX), Cardano (ADA), Ethereum (ETH) Updates
02:38 WallStreetBets Now Endorsing Cryptocurrency
04:22 All Time High For Bitcoin Network Activity
05:22 Elrond EGLD Launches Maiar Wallet and Global Payments App
08:05 Cartesi Unveils Optimistic Rollups to Reduce ETH fees
09:52 Bancor is Coming to Polkadot
10:30 Enjin NFT Collaboration with LABS Group
11:38 Kraken donates $100k to Coin Center for Public Policy Digital Advocacy
13:24 SushiSwap Announces MISO: Minimal Initial SushiSwap Offering
14:35 PAID Network Partners with Bridge Mutual BMI
15:23 Switzerland Initiates Blockchain Finance Laws & Regulation
16:39 Microsoft Uses Blockchain Tech for Carbon Neutral Initiative in Australia
17:47 Institutional News: Grayscale, Michael Saylor, Microstrategy
20:00 CNBC is Fake News
21:42 CZ Unveils Binance Pay (beta)

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The post Gamestop and NFTs: a project dedicated to gaming appeared first on Top Crypto Game.

GameStop has announced the launch of its new self-custodial Ethereum wallet that leverages Loopring Layer 2 technology for dApps as well as storing crypto and NFTs. 

In its beta version, the wallet from the games retailer is available as an extension for browsers and iPhones. 

GameStop and the launch of its new Ethereum Layer 2 wallet

Yesterday, in a series of tweets, GameStop announced the launch of its new self-custodial Ethereum Layer 2 wallet. 

Securely store, send & use ETH, NFTs & ERC20 tokens with GameStop’s self custodial Ethereum Wallet.

— GameStop (@GameStop) May 23, 2022

“It’s official! The GameStop Wallet is here. Download: https://wallet.gamestop.com Follow: @GameStopNFT.

Securely store, send & use ETH, NFTs & ERC20 tokens with GameStop’s self custodial Ethereum Wallet”.

The main focus of the new Ethereum-based wallet is to store, send and receive ETH, NFTs and ERC20 tokens as well as interacting with dApps, using Loopring’s Layer 2 ZK-rollup technology. 

In this way, it will be possible to transact on Ethereum Layer 2 and achieve cheaper and faster transactions than on Ethereum Layer 1 Mainnet. Indeed, the website shows that the average fee for transactions on Loopring is $0.75, while on Ethereum L1 it is $65. 

GameStop Wallet on Ethereum, similar to MetaMask

As with all decentralized, self-custodial wallets, GameStop explains in its tweets that no one can know the secret 12-word recovery phrase entered by the user when creating the wallet, and that if it is lost, there is no way to access the wallet. 

Not only that, GameStop’s new wallet on Ethereum is available in its beta version as a browser extension, just like MetaMask. 

This means that it is a web browser add-on that adds a cryptocurrency wallet to the menu bar. 

In this way, one can store and exchange cryptocurrencies and NFTs directly in decentralized applications such as GameStop’s upcoming NFT Marketplace, without ever having to leave the web browser window.

The NFT Marketplace with Immutable X

It was in February 2022 that GameStop revealed that it had signed a partnership with Immutable X, with the aim of creating a new NFT marketplace. To realize this goal, the two companies would create a $100 million fund. 

The large American video game chain had already unveiled its use of the Ethereum blockchain, while Immutable X had stated that it would be able to reduce the consumption of fees by bundling many NFT sales into a single Ethereum transaction and also purchase carbon offsets. 

The launch of GameStop’s NFT marketplace is expected to be ready by the end of 2022.

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In a public announcement on Thursday, 3 February, GameStop revealed that it has entered into a partnership agreement with Immutable X to create a new NFT marketplace. A $100 million fund has been established by the two companies for this purpose.

GameStop’s NFT marketplace ready by 2022

After months of announcements, the major American video game chain has finally unveiled its new project to create its own NFT platform on the Ethereum blockchain.

Immutable X has already collaborated on NFT projects, with the famous social media TikTok in September. A post on the company’s blog states that this is the  

“first layer two for NFTs on Ethereum” and Immutable X participants experience “zero gas fees, instant trades, and carbon-neutral NFTs for marketplaces, games, and applications without compromise”.

The Sydney-based company said it will be able to reduce consumption and related fees by bundling many NFT sales into a single Ethereum transaction and also buying carbon offsets.

GameStop’s new NFT marketplace, which is expected to see the light of day by the end of 2022, will create, according to the guidelines expressed in a statement by the company itself, interesting opportunities for developers to succeed in creating new zero-emission games, in which players can buy, sell and exchange game resources with the model of fungible tokens.

The operation was already reported last month to the authorities of the American stock exchange by GameStop, as announced by the Wall Street Journal. The company has also stated that it will be hiring around 20 new crypto experts within the next three months, who should be in charge of both the development of the new NFT projects and any other future projects in the cryptocurrency sphere.

GameStop’s turnaround

GameStop, headquartered in Grapevine, Texas, which has had a long slump that led the company to lose more than 60% of its value on the stock market, is now looking for a slow recovery. 

The company changed its executive team and board of directors in June after a new investor, Ryan Cohen, came on board and pushed for a profound change in top management and company line. Cohen was then appointed president, and he is largely responsible for the company’s new, more technological direction.

Is the gaming world ready to embrace NFTs?

It remains to be seen if the gaming market is mature enough to welcome this new engagement revolution, thanks to non-fungible tokens. In December, Ubisoft, one of the world’s leading game developers, after launching an NFT project linked to some of its games, had declared disappointing sales and results well below expectations.

The reactions of the players to this innovative possibility seem very cold at the moment, although an Ubisoft executive declared in January to be very optimistic about the prospects of NFTs linked to videogames.

 

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Gamestop is about to make its debut in the NFT sector with a special marketplace, but at the moment, there are no other rumors, except that the company is looking for creators. 

The only certainty is that everything will happen in 2022. 

Gamestop prepares the launch of the NFT marketplace

2021 was certainly the year of rebirth for Gamestop. The company was on the brink in January; GME shares were considered junk assets and were used by hedge funds to speculate with short sales. The short squeeze triggered by the Reddit group WallStreetBets has rewritten history and has probably made the company realize that important market opportunities can come from the digital world. 

That’s why Gamestop, a chain of physical video game stores, is now evolving to the latest gaming frontier: NFTs.

Not only is the company looking for experts, but it has also created an official website where creators are called to gather. Those who want to debut in Gamestop’s NFT marketplace must fill in a special form. 

Neither from the company nor from the site filter other indications. The only clear thing is that everything will be based on the Ethereum blockchain, as suggested by the ETH logo that makes a good show in a console that reminds the old and unforgettable Gameboy.

Gaming and NFTs

Gaming on the blockchain is perhaps one of the channels that can lead to the mass adoption of NFTs. Non-fungible tokens can be considered the real trend that exploded in 2021, a full-fledged craze that has infected not only art enthusiasts but also sports fans, gamers, celebrities. 

After all, the most famous NFTs made their debut in unsuspected times, just as video games. This is the case with Cryptokitties. But also, Sorare’s fantasy soccer on the blockchain, by now an established reality, bases its economy on collectibles depicting players that users exchange and then deploy in their games. 

Prices of NFT tokens

Other consolidated realities as Axie Infinity, Decentraland, The Sandbox have known a real boom just exploiting that link that joins the gaming to the non-fungible tokens. 

Their tokens have grown by leaps and bounds, climbing the Coinmarketcap rankings. A few numbers help to better understand the soaring annual value:

• Axie Infinity (AXIE), 95.57 USD, up 17670%;
• Decentraland (MANA), 3.307 USD, + 4140%;
• The Sandbox (SAND), 5.872 USD, + 16362%.

With these figures, it’s easy to see why Gamestop would want to get into the NFT business. Who knows, maybe GME shares will get pumped again as well, this time without the need for WallStreetBets’ retail traders. 

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