GameStop NFT Marketplace Is Now Live
- GameStop has finally announced the launch of its NFT marketplace on the Sydney, Australia-based Layer 2 Ethereum scaling protocol Immutable X.
- Additionally, Immutable and GameStop are establishing a $100 million fund that will give grants to game companies and developers to grow on Immutable X and the NFT marketplace.
- GameStop’s marketplace will provide resources for Immutable X games like Gods Unchained, Guild of Guardians, Illuvium, among other Web3 games.
Renowned American video game, consumer electronics, and gaming merchandise retailer GameStop has finally announced the launch of its NFT marketplace on the Sydney, Australia-based Layer 2 Ethereum scaling protocol Immutable X (IMX).
While the company’s video game business is continuously facing downfall, the new development places it at the forefront of the NFT gaming industry, rivaling crypto-native gaming NFT platforms like Fractal.
Additionally, Immutable and GameStop are establishing a $100 million fund that will give grants to game companies and developers to grow on Immutable X and the NFT marketplace.
Immutable, the company that created the Immutable X technology to support NFT marketplaces, will provide GameStop with its liquidity platform. President and co-founder of Immutable X Robbie Ferguson commented on the company’s partnership with the gaming giant by stating:
“Immutable is excited to be working with GameStop and leading gaming publishers to support genuine power to players. Gaming is now bigger than music and movies combined — but the time and value that gamers invest cannot be turned into real economic value. GameStop, in partnership with Immutable, has the potential to cement itself as the ultimate destination for the next paradigm of gaming; true in-game economies that enable permissionless ownership of in-game items and value players for their time.”
The new NFT marketplace, which is being developed for launching game developer-focused NFT projects, will be able to conduct transactions faster, more affordably, carbon-neutrally, and nearly limitlessly by building on the Immutable X protocol, according to GameStop.
GameStop’s marketplace will provide resources for Immutable X games like Gods Unchained, Guild of Guardians, Illuvium, among other Web3 games. Immutable X’s Ethereum scaling will enable fee-free transactions and carbon-neutral minting for all transactions.
Hardcore gamers and certain game developers who have complained on social media that NFTs are either misleading or a cash grab may become enraged by the platform’s launch. Since many GameStop consumers are ardent gamers who don’t appear to enjoy NFTs, it’s unclear how they will respond, but many GameStonk investors—who helped drive GME’s stock price well above $100 on the strength of memes—have accepted radical new theories of ownership.
According to its earnings report, GameStop earned $1.1 billion in the second quarter, a 3.4% decrease from the previous quarter. Other key web3 initiatives have been taken by the company this year, including a partnership this month with the cryptocurrency exchange FTX US to provide GameStop users access to FTX’s digital assets marketplace.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
