A user named Jules created and began selling a GameStop Falling Man NFT. It features a figure similar to the iconic photo of a man falling down the World Trade Center on 9/11 called “The Falling Man.” The character on the NFT is dressed as an astronaut, and the caption reads: «Probably fell from the Mir space station.»
As the gaming industry grows rapidly, introduces new technologies, and discovers new ways to engage with fans, GameStop is effectively a one-stop-shop for gaming communities and brands.
The GameStop NFT platform was officially launched in partnership with Immutable X, an Ethereum Tier 2 scaling solution focused on blockchain/web3 gaming.
GameStop and Its Lack of Control Led to The GameStop Falling Man NFT
GameStop’s NFT Marketplace allows customers to buy and sell NFTs created by approved creators of their choice. GameStop’s NFT marketplace currently features an astronaut as a mascot. A well as a form for new creators to fill out and some downloadable wallpapers.
It doesn’t really explain why Jules saw fit to take such a well-known and tragic situation, turn it into a sick joke, and then try to cash in on it. Anyway, after the GameStop Falling Man NFT started getting criticized on places like Web3, GameStop removed the asset.
Clicking the link will now open a blank page, although the original page is still on the Wayback Machine. Several people have already bought the GameStop Falling Man NFT, of which 25 versions have been minted.
Someone who complained about the image via direct message was apparently told: “The GameStop Falling Man NFT will be removed from our marketplace entirely. We communicated directly with the creator regarding these actions.”
On the meme sharing subreddit GME_Meltdown, a user suggested that the GameStop Falling Man NFT figure was actually a 3D rendering of an existing Russian flight suit created by another artist and used without clearance or permission.
GameStop Removes the GameStop Falling Man NFT
The company decided to completely remove the NFT called Falling Man, which was inspired by the image of the same name that went viral after the 9/11 attacks. Through their social networks, the company explained that the collection of various irreplaceable tokens violates their terms of service, so they decided to remove them from their page.
This happened after a user from their store complained that the GameStop Falling Man NFT he had purchased suddenly disappeared.
“Certain series violated our terms of service, resulting in the suspension of NFT from our marketplace. You can still transfer these NFTs between Layer 1 and wallets, but they cannot be sold on our marketplace,” GameStop said.
The company also said that it had contacted the creator of the NFT to let him know about the situation. Users were not entirely satisfied with the company’s response, since it seemed that there was little regulation of this type of project.
To make matters worse, the community discovered that the model used by the NFT may be plagiarized, as it was created by a 3D modeling artist who clearly did not give permission to use it on the controversial digital property.
What Is and How Does an NFT Work?
Anyone who wants to can convert a digital file into an NFT that will contain information about it, such as the unique fingerprint of the token, a token symbol, and a name.
Typically, this token is stored on the Ethereum blockchain, and the person who created it is now the sole owner of that token, as it is a globally unique record that cannot be maliciously altered. Now that token can be sold through a transaction on the blockchain.
This means that the owner of the token transfers ownership of that file to another user in exchange for money, and again, the blockchain ensures that this information cannot be manipulated and allows tracking who is the new owner of that file.
How To Generate An NFT?
The first step to originating a free NFT is to visit the Apps Pie Design site. It is quite a friendly design platform, with a multitude of features and specifications that anyone with a mobile phone or a computer can start using to create their own designs.
An account must be created on the platform. This step is quite simple. Once logged in, you will be able to start creating NFTs with ease. Just click “Create New” and select “NFT Generator” from the drop-down menu.
- Load pre-existing artwork
In the case of having previous works done, such as photographs, designs, or whatever the imagination proposes, you can generate your own collection of crypto-collectibles. After NFTing any of them, you can easily sell or trade them online using cryptocurrency and even earn royalties on future sales.
- Generate an NFT Collection
After understanding how the Apps Pie Design page works, you can now generate the final result. For that, you have to click on the “Generate NFT Collection” button that appears at the top right of the screen. This will open a window where you can enter the number of unique combinations you want to create using the layers and elements you added to the NFT design.
You can generate thousands of unique NFTs with a variable combination of all the elements and then proceed to mint them in some of the most famous NFT markets, such as OpenSea.
It is essential to coin the NFT to democratize the ownership, sale, and trading of a non-fungible digital asset. Minting them allows your artwork to be flexibly traded or purchased on the market.
How To Sell An NFT?
For example, to sell your creation on OpenSea, which is very intuitive and easy to use, you first must create a profile, where you can consult all your digital assets (previously connected with a digital wallet; Metamask is recommended) minted in the wallet.
To sell an NFT, you would have to set its type and price; it can also be auctioned, with a starting price, an expiration date, and a price threshold. The sale can last a day, three days, or a week.
How To Invest in NFTs: Beware of The GameStop Falling Man NFT Types
NFT investments are not part of a regulated market. In fact, it is common for many investors to think it is ridiculous to pay hundreds of euros for digital images. But the reality is that a lot of individuals are betting on NFTs.
The most difficult thing is to determine the value or growth potential of an NFT or a collection of NFTs, as happens, for example, in the case of cryptocurrencies.
On the one hand, this type of investment is related to the blockchain, and we could think about trading them (investments with a very short term). However, on the other side of the scale, when talking about art NFTs, we might think that they will appreciate over time.
Therefore, it is important to consider the following factors before investing in NFTs:
- Thoroughly read, research, and understand this market before investing.
- Choose a platform to purchase NFTs from: Opensea, Rarible, Sorare, or Minthana.
- Analyze in detail what you want to invest in and immerse yourself in the project: See the people behind the project, the developers, the community, and the interest it generates, and take special care with the authors so that they don’t mislead you like it happened with the GameStop Falling Man NFT
- You should also consider how long you want to hold NFTs. As part of the strategy for these crypto assets is to wait for them to appreciate over time.
The Future of NFTs
The popularity of NFTs has grown significantly in recent months, parallel to the development of video games and digital collectibles.
Recently, there have been many projects related to the digital world (Decentraland, Upland), the NFT collectibles market (from digital markets like SuperRare to physical galleries like Sotheby’s). And even large sports moment collectible galleries (NBA TopShot).
But NFTs have great applications beyond these areas, with great potential as economic, commercial, and even financial instruments. Currently, the most common use cases for NFTs are:
- Creation and sale of digital assets.
- Digital asset tenure management.
- Guaranteeing the authenticity of goods and digital art.
- Division of valuable assets such as real estate (in each case, two NFTs are created, each representing 50% of the real estate).
Learn more about the interesting world of NFTs on our site, Para Hombre.