GameStop x PSAcard *could* single-handedly warrant reviving their NFT Marketplace
Alright, alright - I know: \"Another GameStop post on /r/loopringorg đ\"
Nobody wants to see this seemingly dead horse (responsible for leading many of us here) continue to be kicked - especially in withering attempt to harvest whatever short-term hopium may still be left inside; I truly get it.
To be explicitly clear: the intent of this post is not to convince you that any of this is currently in the works / even likely to happen. Rather, this basically serves as a less abstract & deeper-dive extension of a post which gained a lot of traction on this subreddit a couple months ago speculating about this partnership.
(Outside of my light snooping done solely for this, I am pretty clueless regarding specifics within the card grading hobby scene. If you do happen to be plugged in though + see anything stated which is outright false / heavily goes against established etiquette or standards etc - please let me know đ)
Mixed inbetween the many optimistic replies to the original post, there were also skeptics wondering how tokenization of physical cards via NFTs could even be implemented and/or provide worthwhile utility. However, nobody in the thread seemed to be aware of the fact that such a Web3 service already exists:
Courtyard utilises Polygon's Proof-of-Stake chain as its back-end for minting/storing/managing NFTs. These NFTs are owned + used by their customers to digitally verify ownership of any given graded trading card being held in a real-life physical vault by their partner: Brink's.
When Brink's initially receive a physical graded card for vaulting - the corresponding NFT for that graded serial number is minted + distributed to its sender. These can then be circulated throughout Courtyard's platform via marketplace + auctions + digital pack opening / peer-2-peer trades.
- (+ the original vaulter of a card(s) is incentivised to provide their liquidity for these services via fee earning schemes based on subsequent further use of their card(s) by other users on the platform)
https://courtyard.io/marketplace
https://courtyard.io/auctions/
https://courtyard.io/vending-machine/
If a user decides to 'redeem' their digital ownership proof NFT (being used for these instantaneous selling / trading services) in order to receive the corresponding tangible physical card: the NFT is exchanged with Courtyard, who then handle shipping the card to you from Brink's.
Overall, a very neat and useful service - especially if you specifically highly value the financial aspect of this collectables hobby. Alternatively, these could also be used as a 'status symbol' of sorts by displaying on your Web3 profile(s) or metaverse spaces (e.g. games which choose to integrate NFT displays), for those who favour their digital social circles more than the benefits of traditional physical ownership.
"Yeah, it is cool and all u/Iron_Monkey.. but isn't this post about GameStop x PSAcards? and how they are going to finally turbo-moonpump the $LRC bag which I dumped all my life savings into? Instead it seems like you have just been shilling a project which completely screwed over their chances by being first đ¤Ŧ"
I wanted to highlight Courtyard's existing service first because it is living & undeniable proof that:
- NFT tokenization of graded trading cards is not only feasible to execute
- but the utility provided is also clearly significant if it already has a sizeable demographic of active users - with many listings being in the $XXX price range (+ even $XXXX isn't uncommon)
- 77k listings made via the marketplace feature alone since the service launched in March 2022
- but the utility provided is also clearly significant if it already has a sizeable demographic of active users - with many listings being in the $XXX price range (+ even $XXXX isn't uncommon)
- The GameStop NFT Marketplace was built using our beloved Loopring protocol, and is therefore objectively superior to Courtyard's Polygon PoS chain.
- Although Polygon's PoS chain is based on Ethereum + its transaction history (therefore making assets on either inherently bridgeable to the other) - it is still a centralised sidechain being secured by its own (waaaay smaller than Ethereum L1's) demographic of stakers.
- (Stakers lock X amount of funds in exchange for gaining a proportional amount of votes which can either approve/decline blocks/transactions being proposed for settlement)
- Loopring uses zkRollups, making it a 'true L2' solution inheriting Ethereum's security because only the re-constructable cryptographic proofs being used to validate compressing / bundling transactions are moved off-chain (while Polygon PoS is moving your assets off-chain).
- Polygon PoS is an relic of its time because aside from being a permanent potential security risk for user assets vs L2s - even the superior fees / speed benefit it once provided is negligible with Loopring L3 (e.g. Loopring DeFi on Taiko zkEVM) now achieving instanteous settlement + sub-cent fees (which can even be entirely sponsored by dApps for their users using gas tanks) via zkRollups.
- In Polygon's defence: they also know this and have diverted their focus towards their new Hermez zkEVM in these past couple years. The current plan for the existing fragmented PoS chain is to transition towards being a 'zkEVM Validium', which I'm admitedly not versed on as of now but seems to still be somewhat weaker security wise vs true L2/L3s.
- Although Polygon's PoS chain is based on Ethereum + its transaction history (therefore making assets on either inherently bridgeable to the other) - it is still a centralised sidechain being secured by its own (waaaay smaller than Ethereum L1's) demographic of stakers.
- GameStop's NFT Marketplace + accompanying (consumer-focused) Wallet have both already been stress tested by thousands of users / creators in functionality during their public Beta releases.
- nft.gamestop.com has remained online (albeit with gutted marketplace functionality), and the Wallet is still functional for Ethereum L1 / Loopring / Immutable use if you didn't get rid of it.
- Again, this highlights that all of the code for these products is finished and still functional - just not 'officially live' due to the 'regulatory uncertainty' reasoning given for shutdown last year.
- (+ their reasoning will likely no longer be a valid concern within the near future based on how crypto-friendly this incoming US administration have projected their intentions to be - an extreme contrast to the current one guilty of repeatedly halting attempts made to advance the space).
- nft.gamestop.com has remained online (albeit with gutted marketplace functionality), and the Wallet is still functional for Ethereum L1 / Loopring / Immutable use if you didn't get rid of it.
https://x.com/RyanSAdams/status/1788285597095797211
https://x.com/ryancohen/status/1625507240831553537 đ§
- GameStop x PSAcard are inherently just better suited for executing this tokenized graded cards/collectables niche compared to Courtyard x Brink's, paired with having significantly wider potential customer onboarding reach.
- GameStop is the world's biggest video game retailer.
- Pokemon, Magic the Gathering, and Yu-Gi-Oh make up a huge chunk of the current graded card market. Take a wild guess what demographic is most likely to buy these?
- PSA is the world's leading card grading authenticator.
- + already have their own in-house Vault system.
- Courtyard was created solely to execute this tokenized marketplace niche.
- Yet somehow on this Ethereum-based subreddit within a post discussing the idea of this exact product potentially being executed by GameStop x PSA - nobody mentioned them existing?
- Brink's is an established firm, but their primary customer base is far more generalised - with trading cards / collectables most definitely not being anywhere near a leading demographic.
- This must have some sort of effect on their processing speeds when vaulting cards if backlogged / perhaps even on average days.
- Greatly diminished efficiency of any potential advertising aimed at directing existing customers towards Courtyard's service.
- With the GameStop x PSAcard partnership - you only need to give your card(s) to GameStop (and they deliver to PSA for grading: who have the ability to immediately vault + tokenize them afterwards).
- This process is specialised & streamlined for its purpose (with standardised risk-appropriate care precautions in place + context-suitable insurance policies) due to being a direct partnership between 2 companies who collectively possess all of the resources required to make this work.
- Customers avoid the unnecessary potential headache from using mail services for each individual acquiring / grading / vaulting steps, and now also have the further benefit of being able to collect redeemed cards at a local GameStop.
- If you have a GameStop Pro membership: it is already cheaper to get your cards PSA graded through them instead of PSA directly partially because of the free shipping benefit - but moreso primarily because it is $24.99/card via PSA's website vs $17.99/card @ GameStop.
- GameStop is the world's biggest video game retailer.
Cherry-on-top?
- Nat Turner (CEO of Collectors - which is the parent company of PSAcards)
- was appointed to GameStop's Board of Directors on the 18th of November 2024
- (oddly very shortly after US presidential election results đ¤)
- has stated several times in these past years that he has desire to enter the NFT space
- especially in relation to IRL collectables:
- was appointed to GameStop's Board of Directors on the 18th of November 2024
https://magazine.wharton.upenn.edu/issues/spring-summer-2023/where-are-they-now/
