Online gaming retailer G2A, best known as a platform for purchasing digital keys for games and software, has launched a new NFT marketplace, Geekverse. According to the company, the platform is designed to merge NFT and gaming in ways that could revolutionise the gaming and NFT markets. This is an ambitious move for G2A, which will see it take on established names in the form of crypto-native marketplaces such as OpenSea, Blur and Magic Eden.
G2A’s Geekverse and the potential market disruption
G2A says that Geekverse stands out because it is a platform carefully curated to offer only the gaming NFTs minted by its partners in the gaming sphere. The company’s decision to get into NFTs is in response to changing dynamics in the gaming ecosystem, which has seen gamers increasingly embrace NFT-based games and the trading element accompanying them. It is not everyday that such a well-established name decides to “fix” what’s working. Therefore, G2A’s decision to modify its business model is in response to a notable change in gaming, as more players embrace NFT-based games.
The G2A Geekverse marketplace will initially support free transactions on NFT sales. At the same time, it will secure the royalty rates set by the original creators, safeguarding earnings. Notably, G2A has established its brand, with a substantial user base. As of this writing, more than 25 million users have purchased digital codes, downloadable material or digital subscription plans for games and software on the website. This large user base sets a solid foundation that could entice users from the mainstream software market to try out blockchain games and NFTs.
G2A’s entry into the NFT market could trigger significant disruptions. Looking ahead, the company plans to increase the number of blockchains supported by Geekverse. In addition, it will facilitate fiat payments and enable partners to promote their NFTs on the platform. Currently, Geekverse supports three blockchains, including Ethereum, Polygon and BNB chain. While these chains currently account for more than 50% of the NFT market share, new chains could potentially bring in new breakthrough gaming projects.