Game Stop NFT belongs to GameStop, an American video game chain store with stores located throughout the United States. The company sells video games, consoles, and other electronic products.
This is a typical store that you might find between the donut stand and the cosmetics aisle at the Mall of America. The company’s long-term goal is to become the «Amazon of Gaming,» and one of the first big steps they’ve taken since short-circuiting is to create their own Game Stop NFT marketplace.
Starting any new cryptocurrency project in today’s environment is always a daunting task, and so far, things have not gone as planned. Global NFT and cryptocurrency trading volumes have plummeted, with even established players like Coinbase struggling to maintain revenue.
GameStop announced that it will join the cryptocurrency gold rush and somehow find a way to enter the field of NFT mining.
The retailer launched GameStop Wallet, an Ethereum-based digital app and browser extension that allows users to store cryptocurrency and trade Game Stop NFT.
What are NFTs?
NFTs are tokens with units of value assigned to each one, similar to cryptocurrencies.
To give you a better understanding of this, we can think of cryptocurrency as a store of value similar to gold. You can buy and sell gold and the price goes up when the number of buyers increases, and goes down when the number of buyers decreases.
But gold is gold, and you can easily trade one nugget for another. However, there are other items made of gold that also have value, but the fact that they are unique makes them different and gives them a different value.
Just like a security made of gold or a piece of art, NFTs are unique assets that cannot be traded or exchanged for another asset of the same value, as no two NFTs are the same, just like no two paintings are the same.
Therefore, NFT can be considered a great work of art, just like da Vinci’s Mona Lisa. There’s only one, and it’s in a certain art gallery. If you want, you can buy the original only when it is on sale.
You can also get a copy, but it will have a different value because it is not an original. Well, that’s exactly what NFTs do, but digitally.
Game Stop NFT: What Is Immutable X?
Immutable X is an open-source protocol that allows anyone to create their own decentralized marketplace, such as blockchain-based games and other decentralized applications that facilitate instant transactions for free.
NFTs require the use of gas to be included in the Ethereum proof-of-work blockchain. What Immutable X presents is a way to offset this huge resource consumption by scaling. There is no cost to mint and trade NFTs, and there is no harm to the security of users or assets.
Immutable X offers instant transaction confirmations, scalability to 9,000+ transactions per second, zero gas fees, and more without compromising user hosting.
Immutable X is a Layer 2 (L2) protocol that sits on top of Ethereum. It runs thousands of transactions per second, accumulates them in batches, and then produces reliable evidence that all those transactions are valid.
The proof is issued and validated on Ethereum’s L1 chain, which means that Immutable X inherits Ethereum’s security guarantees and decentralization while providing a huge speed boost for near-instantaneous transactions.
What is Layer 2?
To understand Layer 2, you first need to understand Layer 1. Simply put, Layer 1 is the Ethereum blockchain itself. Most Ethereum dApps (decentralized applications) run on Layer 1.
Layer 1 is also known as the settlement layer, where transactions take place on wallets. This settlement layer allows transactions to be anchored in a way that is immutable, cryptographically secure, and does not rely on a central authority.
GameStop uses Ethereum as its Layer 1 technology.
Layer 2 (L2) refers to a set of scaling protocols that sit on top of a specific blockchain (layer 1).
It is typically used for applications that require higher speeds and lower transaction fees than the underlying blockchain supports.
It is important to note that Layer 2 security comes from an underlying network like Ethereum. GameStop NFT currently supports Loopring and ImmutableX L2.
Scaling Ethereum (i.e., making it useful for billions of people) depends not only on updates to the Ethereum core layer, but also on a thriving Layer 2 landscape on top.
So that users always have choice and control while enjoying a great experience without waiting on congested networks, or paying high fees. Rollups is a Layer 2 scaling solution that helps achieve both goals and is truly a building block for the Ethereum future.
What Makes Immutable X Gasless?
Behind the scenes, Immutable X collects transactions, and you can pay cheaper fees on Ethereum for most transactions. Immutable X aggregates thousands of transactions to run on the Ethereum mainchain and publishes cumulative proofs of zero-knowledge transaction validity on the blockchain. A hash test verifies each transaction in the batch.
All you need to know is that the vast reduction in data recorded on the blockchain allows Immutable X to cover gas across the entire protocol, and provide users with gas-free transactions.
Transactions that directly interact with L1 Ethereum consume gas because they cannot be stored in Immutable X. This means that depositing NFTs or Ethereum cryptocurrencies to Immutable or withdrawing NFTs on L1 will cost gas.
Game Stop NFT: What Are Smart Contracts and Decentralized Applications?
Unlike traditional contracts, smart contracts are just snippets of code that run on the blockchain and are meant for Ethereum wallet holders to «sign» and interact with.
Smart contracts enable the creation of decentralized applications (dapps), including games, programs, digital collectibles, online voting systems, financial products, and more. For example, a vending machine is a basic example of a smart contract in the real world. Anyone who puts the correct number of coins in the machine can expect to receive an item in return.
Like a vending machine that sells products, smart contracts can automate real-world contractual agreements. Similarly, the value of an Ethereum contract can only be held and released if certain conditions are met.
What Are ERC-20, ERC-721, and ERC-1155 Tokens?
ERC-20 implements a fungible token standard; that is, they have properties that make each token identical (in terms of type and value) to any other token. For example, ERC-20 tokens work like ETH, which means that one token is always equal to all other tokens (belonging to the same smart contract).
ERC-721 introduced the NFT (non-fungible token) standard; in other words, this type of token is unique and may have a different value than another token from the same smart contract, perhaps due to its age, rarity, or some other more symbolic factor.
Providing a smart contract interface that can represent and manage any number of fungible and non-fungible tokens is the basic idea behind ERC-1155. This allows ERC-1155 tokens to simultaneously perform the same functions as ERC-20 and ERC-721 tokens. Most importantly, the functionality of both standards was improved to make them more efficient, and obvious implementation bugs in the ERC-20 and ERC-721 standards were fixed.
How to Buy and Sell Game Stop NFT
To buy a Game Stop NFT, connect your Ethereum wallet, add funds to your ImmutableX or Loopring Layer 2 account, find your favorite Game Stop NFT, and buy it in just a few clicks. All NFTs are denominated in Ethereum (ETH) and transactions incur a small network fee, which is also paid in ETH.
Keep in mind that transactions on the blockchain are irreversible, so when you buy an NFT, it’s truly yours until you sell it, or send it to a friend.
To sell a Game Stop NFT, connect your Ethereum wallet and click the «lock icon» in the top right corner of the page to go to your profile. On the tab, select the Game Stop NFT you want to sell, click Stock, and then click Manage & List for Sale. Enter the price (ETH) you want to sell the NFT for and click “Submit”.
GameStop charges market fees and may collect royalties from the NFT creator.
To learn more about this specific collection of NFTs or read related articles, visit our website at Para Hombre.