The first thing that jumps out when you enter an online marketplace for NFTs, like the GameStop NFT Marketplace is how everything seems to be laid out similarly to an eCommerce platform. But there are some key differences between buying things on a traditional digital storefront and purchasing them directly through your crypto wallet on a decentralized NFT marketplace.
NFTs are purchased using cryptocurrency. When a customer buys something in this ecosystem, they are the custodian of their funds and have full control over transactions made from their wallet, without a third party intermediary. This means that unlike with an online storefront where a customer support agent, payment processor, or merchant might take part as a third party in a transaction, only the buyer and seller can decide to reverse a transaction once it's completed. For example, if someone purchases an NFT on GameStop's NFT Marketplace, they will receive the NFT in their wallet immediately after payment is confirmed. Confirmation is a process which occurs on the blockchain and takes a certain amount of time based on the chain's current transaction volume. That means there is no reversing the transaction unless the buyer and seller agree to do so.
One other important difference is that customers are able to purchase NFTs directly from artists, brands, and secondhand sellers, rather than buying the items from GameStop. In fact, many people who sell NFTs on the GameStop NFT Marketplace come from the community. They are artists, players, gamers, streamers, and content creators who want to share their creations with others, build a community around their creations, and make money for future expansion of their ideas. Some may even sell digital NFTs that can be redeemed for physical or digital goods in the future of their collection.
As mentioned before, buyers also have full control over their funds. Once a purchase has been completed, a buyer can choose to list their NFT for sale, transfer or trade it with another user, or hold onto it indefinitely. If a buyer wants to sell an item, they can set a price and wait for interested buyers to contact them. However, unlike selling on an online store where prices are fixed by the merchant, prices on the GameStop NFT Marketplace are determined by market demand. The more interest there is in an item, the higher its price will likely go.
Another main difference from the GameStop eCommerce Store is that all transactions are done via public blockchain on the GameStop NFT Marketplace, where users can track their transactions and confirm delivery of their digital collectibles on a public ledger.
Users have full responsibility over their transactions, even those made by mistake. Therefore, we continually emphasize the importance of keeping your private key private and double checking all transactions before sending. As all transactions on the blockchain are immutable, any transactions sent to a wrong address or a hacker's address are permanent, and cannot be reversed, even by GameStop Customer Support. This means that customers must always keep their devices secure and encrypted, especially if they're planning on buying NFTs in bulk or keeping significant funds in their wallet. Additionally, buyers should check their accounts regularly for suspicious activity, including fraudulent transactions. Any purchases made via the GameStop NFT Marketplace are recorded in real-time, which allows for tracking of assets on the blockchain explorer.