GameStop is launching an NFT marketplace to capitalize on the digital collectibles boom. Immutable X’s liquidity platform, a layer 2 scaling solution for NFTs on the Ethereum blockchain, will be used. Along with Immutable X, GameStop is launching a $100 million fund to support game developers and companies.
GameStop is launching an NFT marketplace
GameStop has chosen a crucial partner to assist with the launch of a non-fungible token marketplace for players looking to capitalize on the digital collectibles boom.
Later this year, the video game retailer will deploy Immutable X’s liquidity platform, a layer 2 scaling solution for NFTs on the Ethereum blockchain, according to Immutable.
Immutable’s protocol would enable faster, carbon-neutral transactions at lower prices, particularly for gaming developer-focused NFT projects, according to the business.
All Immutable X-based projects will be available on GameStop’s marketplace as a result of the integration. TikTok, Gods Unchained, Guild of Guardians, Ember Sword, and Playco are among Immutable X’s current partners.
In a statement, Robbie Ferguson, co-founder of Immutable, said, “Gaming is now bigger than music and movies combined — but the time and effort that gamers contribute cannot be converted into actual economic value.” “In collaboration with Immutable, GameStop has the ability to establish itself as the ultimate destination for the future generation of gaming.”
Along with Immutable X, GameStop is establishing a $US100 ($AU141) million fund to support game developers and studios who will collaborate with them.
Early in January, the Wall Street Journal revealed that GameStop is working on an NFT marketplace and has employed approximately two dozen people to help with its digital asset drive.
The troubled gaming shop is overhauling its organizational structure to focus more on online sales rather than physical stores, after being chastised for being too sluggish to adopt a digital video-game business. This campaign is led by Ryan Cohen, the co-founder of pet supplies firm Chewy, and comes a year after the Reddit-fueled GameStop stock craze.
FTX and Coinbase are among the companies that have launched NFT marketplaces, and GameStop is the latest to do so. According to data from Dune Analytics, the Mark Cuban-backed OpenSea remains the largest NFT platform, with monthly ethereum trading volume reaching a new high of $US4.9 ($AU7) billion last month.
NFTs — digital reproductions of artwork, sports cards, and other valuables linked to a blockchain — are gaining traction as investors from Hollywood to Wall Street jump on board.
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