GameStop, the famous American video game retailer, was on the brink of bankruptcy. During the pandemic, the company relied on fans to help increase inventory and reinvent itself. It has now opened up the GameStop Marketplace, allowing players, creators, collectors, and other members of the community to buy, sell, and trade NFTs.
What Is the GameStop Marketplace?
The GameStop Marketplace is a non-custodial Ethereum Layer 2 marketplace that allows parties to truly own their digital assets that are contained and secured on the blockchain. The marketplace was developed in partnership with Immutable X, for which GameStop received IMX tokens.
Those tokens sold for $77 million. GameStop has long been working on cryptocurrency and NFT initiatives and quietly made an announcement in the space in May 2021.
In January 2022, the shares were popular with retailers, rising 30% after the announcement of their NFT innovation.
The GameStop Marketplace site allows parties to connect to their digital wallets, such as the recently launched GameStop Wallet.
Over time, the functionality of the marketplace will expand to cover more categories, such as Web3 games, more builders, and other Ethereum environments.
GameStop Marketplace allows you to shop for unique artwork, collectibles, and more. These items can then be passed down and traded to collectors, or even resold in other markets.
This is because GameStop NFT is a decentralized application built on the Ethereum blockchain using Loopring’s layer 2 scaling solution.
Create a Wallet
In order to transfer and trade GameStop NFTs, you must first have a wallet.
To install and use the GameStop Wallet, visit https://wallet.gamestop.com using a Chromium browser like Chrome or Brave, and click Download.
From there, click “Add to Chrome” and confirm that you want to install the extension.
You can also use other browser wallets like MetaMask or any wallet that connects using the general WalletConnect technology.
Once you’ve created your wallet, fund it with some ETH. You can do this by buying ETH directly into your wallet connected to a payment provider they work with.
When you buy ETH through GameStop Marketplace, your ETH will be deposited into your Layer 2 wallet, and you can start buying NFTs as soon as the deposit is loaded. You can also send transactions from your existing Ethereum Layer 1 wallet to your connected Layer 2 account at GameStop NFT. When buying NFTs on the market, you only need to access your ETH balance deposited at Layer 2.
Buy Your First NFT on the GameStop Marketplace
Browse the NFT collections from the home page, then click on any item to bring up the NFT details page. There you can view detailed information about the item, including metadata (also known as attributes) and a preview of the item.
When you’re ready to buy something, just hit the Buy button on the NFT details page. You will be asked to confirm the transaction, and once confirmed, your ETH will be spent on your new NFT. Click on your profile icon in the top right corner, and you will be able to see your new item in your collection.
If you want to sell your NFT, transfer it, or withdraw it at level 1, you can find these options in the NFT menu.
How To Activate Layer 2 And Buy Your First NFT On the GameStop Marketplace?
First, add funds in ETH to your GameStop NFT wallet. After adding ETH to your Tier 2 account, go to your profile menu and click the “Activate Tier 2” button. A dialog will open to confirm the one-time fee for activating your Loopring Layer 2 account.
Confirm activation and authorize transactions in your wallet. Use ETH on your Loopring Layer 2 balance to buy NFTs.
Visit the research page. Search for NFTs and select the one you want to buy. If there are multiple editions for sale, you can choose from the available editions and purchase your favorite. Once you confirm your purchase, your new NFT will be added to your profile page.
How To Sell NFT And Adjust the Price on the GameStop Marketplace?
Select listings for sale for your NFT management options. And you decide how many editions you want to sell. Can then set prices for each number and view fee and royalty information. You will then be asked to sign an agreement.
You can list as many expenses as you like. The price you indicate for the collection is per number.
NFT versions can be sold at different prices. Your NFT will show the lowest price by default. The default display order (reverse chronological) in your collection is unaffected by NFT price changes.
To adjust an NFT price, click the three dots on the specified NFT and then select Manage NFT to open the sidebar. From there, you can adjust the NFT price. Please note that any NFT listed below .0005 ETH may fail. We do not recommend trading below 0.0005 ETH, or your purchase may not go through.
How To Move NFT From Layer 2 To Layer 1 On the Ethereum Network
One of the many benefits of owning NFT assets is portability. Any NFT purchased on the GameStop Marketplace can be withdrawn to your Ethereum L1 account, where it can be transferred and sold on other NFT trading platforms, such as OpenSea.
You must add a wallet before transferring Layer 2 NFTs to your Layer 1 wallet. To access the menu, click the profile icon. To access your profile page, click the arrow next to your wallet address.
There you will see all the NFTs you own. Select the NFT you want to revert to Level 1 and click Manage on the Actions button.
From there, you can list the supported NFTs for sale, and you can also transfer or withdraw to level 1. Click Remove to reach level 1.
If this is the first time a pool NFT has been terminated at level 1, a one-time NFT contract execution fee is required. If the owner of this NFT pool pays this fee, only standard transaction fees or gas fees will be required for Tier 1 payments.
Before you can confirm your withdrawal, you will see an offer with transaction fees to make the transfer. Once you confirm this, you will be asked to sign the transaction with your wallet. Your NFT should be approved at Level 1 within a few hours.
Be Safe in The World of Cryptocurrencies and NFTs
It’s a common misconception that phishing scams are basically attacks carried out via poorly worded emails. In reality, these are very sophisticated attacks designed to trick you into providing personal information or money by posing as legitimate organizations and their employees.
Scammers use social engineering techniques such as bait-and-switch schemes and fake customer support calls to trick users into revealing their passwords or other sensitive data.
These bad actors can appear anywhere on the internet (email, phone calls, chat rooms, websites), but in the NFT and crypto space, they are often hidden in Discord channels used for community gatherings around assets, NFTs, and DAOs, where the attacker considers all participants holding wallets as potential victims.
Being Vigilant and Being Cautious Are the Keys to Safety
Although it may seem like a no-brainer, there are some simple steps you can take to avoid being tricked by these cybercriminals.
Just seek help from official GameStop support: GameStop support agents, admins, and moderators on Discord never message you first. Do not share your wallet’s private key or passphrase.
Your wallet private key and passphrase should be treated like your credit card, ID, bank account, and routing numbers. Don’t fall for the classic bait-and-switch scam when an attacker sends you a message saying, “For a limited time, we have this awesome NFT here! Click here! Claim yours!” The message may come from an account with an official profile picture (PFP), and they may have set up their nickname to impersonate a person or an organization.
If you see any of these links in your inbox, first check if they share a shared server with you or other users connected to you. If so, they found you. Take a screenshot of the message, delete it immediately, and report the screenshot to a moderator or administrator of that server. This will help moderators protect their servers from attackers as much as possible.
Beware of scammers posing as employees of GameStop and other trusted organizations. Do not provide your private keys or passwords to anyone claiming to be affiliated with a company you know.
Don’t click links in emails or instant messages unless you trust the sender. There are several types of malware that look for private keys, passwords, and wallet information from browser wallets, desktop wallets, and mobile wallets. Never send private keys or passwords through unsecured text messages or emails.
To find more information about GameStop’s affairs with NFTs, visit our site, MecanicaDiesel.