Weekly Crypto News Bites: GameStop Launches NFT Marketplace, $430M Venture Fund for Crypto Startups, STEPN Reports $122.5M Profit in Q2

What happened in the crypto world in the last week? Let’s see some interesting news together!

GameStop Launches NFT Marketplace

GameStop, an American video game, consumer electronics, and gaming merchandise retailer, has released its own non-fungible token (NFT) marketplace. The platform offers lower fees and faster transaction speeds.

Users can buy, sell, trade, and create NFTs. The marketplace also provides educational resources that range from NFT basics to connecting a user’s wallet to the marketplace. Users can view NFT statistics as well.

The marketplace is a noncustodial Ethereum layer 2-based application, and users can use Ethereum-compatible wallets and their GameStop Wallet to enter the marketplace.

$430M Venture Fund for Crypto Startups

Multicoin Capital, a prominent crypto venture capital, has announced the launch of its $430 million Venture Fund III, its latest fund that is set to support early and later-stage crypto projects.

The fund is created to provide capital for crypto startups concentrating on different initiatives such as data-aggregating decentralized autonomous organizations (DAOs), open finance, Web3 infrastructure and consumer social opportunities, and more.

Up to $500,000 to $25 million will be allocated to early-stage projects while later-stage projects can receive up to $100 million.

Solana-based STEPN Reports $122.5M Profit in Q2

STEPN, a “move to earn” game platform, reports $122.5 million profit in quarter two amid bear market, following its $26 million profit in quarter one. The project rewards its users with cryptocurrency based on their step count on the STEPN application.

The platform said that it will utilize its earnings for partnerships and sponsorship opportunities, anti-cheating mechanisms, and security enhancements. STEPN also added that they will prioritize building their developer and core team.

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