GameStop plans to launch the NFT market in July

GameStop Corporation (NASDAQ shares : GME) is a retailer of games, consumer electronics and video games listed on the New York Stock Exchange.

In 2021, GameStop Corp. made headlines with subreddit r / wallstreetbets users triggering a short squeeze on GME. GME's share price soared from below $ 20 to just under $ 500 before plunging back to below $ 100.

In January, the Wall Street Journal gave GME a boost for the new year, reporting on the company's NFT and crypto plans.

The move into the NFT and crypto space is developed in an effort to revive its video game business.

GameStop announces the launch of the NFT market in July

On Thursday, GameStop provided investors with a timeline on the launch of its NFT marketplace during the fourth quarter earnings call.

During the call, GameStop confirmed its partnership with Immutable X (IMX) to launch the GameStop market. GameStop will receive:

"Up to $ 150 million equivalent in IMX tokens upon reaching certain milestones".

The firm has made hires in blockchain gaming, e-commerce and technology, product renewals and operations with a rollout scheduled for July.

GameStop isn't the only store entering the NFT market, with record trading volumes since January and a marked interest in NFTs attracting other players to the space.

GameStop follows Coinbase in a busier market

This week, US-listed cryptocurrency giant Coinbase announced plans to launch an NFT market. Coinbase aims to allow users to discover, mint, purchase and display NFTs.

While no launch date is available, Coinbase has met with more than a hundred creators to accelerate the launch of its marketplace.

With more than 2,5 million people joining Coinbase NFT's waiting list, GameStop will have to stick to its video game audience to be successful.

The NFT market has become busier in recent months and will only become more active in the coming months. LooksRare (LOOKS), a competitor to the established NFT OpenSea market, entered the NFT space in January amid increasing trading volumes.

With the NFT space increasingly active, competition is likely to become fierce with the likes of Coinbase, OpenSea, and LooksRare in the mix.