Over 100 million dollars of NFT stolen in last year
Credits: The Economic Times

GameStop Adds Web3 Gaming NFTs to Marketplace With Immutable X

GameStop, a retailer of video games, announced today that it has added support for NFTs stamped through the Ethereum layer-2 scaling network Unchanging X to its commercial centre. This means that Web3 game resources can be exchanged on the platform.

GameStop

Gods Unchained, Illuvium, and Organization of Watchmen are just a few examples of System X-based games that currently have their own unique intuitive NFT items available through the GameStop shopping mall. This includes tokenized, tradeable items like flexible land plots and enhanced trading cards, among others.

In July, GameStop debuted its eagerly anticipated NFT retail space, although at launch, the stage only sold contemporary art and collectibles.

Many in the Web3 area were interested when the company decided to introduce NFTs from intelligent games into the overlap due to the organization’s more widespread concentration and recently revealed ambitions for the commercial centre.
Public access to GameStop’s NFT commercial centre is provided.

The partnership between the retailer and Immutable X was first announced in February. In addition to GameStop individually participating in a $500 million asset with speculation and awards for NFT and game developers using Immutable X, the organisations announced a $100 million symbolic motivator shop for Web3 game producers.

Attoms NFT

Immutable X is built upon Ethereum, which serves as the foundation for most decentralised applications. While depending on network load, exchanges on Ethereum’s mainnet occasionally have high gas costs and can be slow.

Immutable X facilitates game, application, and NFT collaborations more quickly and affordably by shifting exchanges to a second-layer blockchain.
The company behind the stage, Permanent, has achieved crypto “unicorn” status. With the help of a $200 million all-out Series C funding round in the spring, financial backers including Tencent and Animoca Brands, who are betting enthusiastically on Permanent’s vision for Web3 gaming, helped the business reach a significant $2.5 billion valuation.

GameStop said that as of today, their commercial centre has emerged from beta testing. Different incentives are being provided by GameStop to encourage dealers to use its early NFT stage.

According to a delegate, the commercial centre gives customers remuneration for marking (or securing) tokens in addition to returning 1% of their daily exchange volume in Immutable IMX tokens. Additionally, it has temporarily reduced the commercial centre charge to to 0.2%.

However, according to data from DappRadar, GameStop NFT has just experienced $29 million in total volume from almost 24,000 brokers before the current Immutable X launch. Ironically, the nearby and sizable NFT commercial centre OpenSea has generated around $309 million in trading activity in only the month of October.

While GameStop NFT experiences greater trading activity than a prominent rival like Coinbase NFT, GameStop is currently unable to command a sizable piece of the NFT market.Perhaps changing its basis to include Web3 games will effect this.