GameStop opened the ETH NFT marketplace days after the company laid off another round of employees, so let’s take a closer look today latest Ethereum news.
The long-awaited Ethereum NFT platform is now live after the video game retailer laid off another round of employees. GameStop opened the ETH NFT Marketplace and now has artwork, but will soon add video game elements in the future. Video game retailer GameStop’s long-awaited ETH NF marketplace is finally live with the company that announced it today and Gamestop announced plans for the NFt platform a year ago in May 2021. Now, the marketplace hosts 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 scaling network Layer-2, but the market noted that Immutable X support is coming soon.
The focus is now primarily on artwork and GameStop aims to be a major player in the NFT gaming space where NFts are interactive elements used in video games. GameStop and Immutable X have launched a $100 million token grant fund to bring developers to market. The press release noted that game FNTs will be added in the near future.
NFT is a blockchain token that functions as a deed of ownership and is often used for artwork, digital goods, and other collectibles. In video games, NFTs can represent unique avatars, virtual plots of land, and weapon designs. GameStop said it plans to launch a marketplace at the end of the second quarter of fiscal 2022 and today’s launch achieved that goal. This came after a busy week for the longtime retailer. Gamestop has therefore announced a four-for-one stock split that will see shareholders receive three additional shares as a dividend after the close in July. After that day, Gamestop fired CFO Michael Recupero and fired a few company employees.
GameStop did not respond to request for comment on the layoffs, but reports show the staff cuts applied to both the company’s division and the game informant video game magazine and website, so the company also laid off around 100 employees in May.
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