Wednesday, March 22

GameStop has partnered with Immutable X to develop its own NFT marketplace

Immutable has announced its partnership with video game company GameStop to launch its own market for non-fungible tokens (NFTs).

Immutable X is a Layer 2 Blockchain protocol for NFTs on the Ethereum network. Which allows faster transactions and fewer resources, at a free cost per transaction. Likewise, the platform is the current developer of well-known Blockchain video games such as Gods Unchained and Guild of Guardians.

Immutable X is built using the technology of the StarkWare Blockchain platform. Which is capable of accumulating hundreds of thousands of transactions in a single Ethereum transaction.

The news comes shortly after GameStop will announce its foray into the NFT market for the first time. Confirming his plan to build a market to trade items in video games, such as avatars, outfits, and weapons. Immutable X will have the role of driving the development of GameStop’s NFT market.

Currently, the monthly market volume of NFTs stands at $3.45 billion.  Source: NonFungible
Currently, the monthly market volume of NFTs stands at $3.45 billion. Fountain: NonFungible

GameStop’s plan includes launching a pool of tokens to support video game app developers and future content creators in GameStop’s NFT marketplace.

As a strategy to attract new developers. GameStop has allowed NFT content creators to postulate to work within the platform through its website.

In recent weeks, some of the publicly traded video game companies have launched or announced their plans to commercialize NFTs. Companies such as Ubisoft Entertainment, Zynga and Square Enix Holdings.

The global video game market reached $175.8 billion in 2021, according to data from Newzoo.

GameStop will create an investment fund of $100 million dollars that will be allocated to its NFT market

GameStop plans to launch its own marketplace for non-fungible tokens (NFTs). And it’s co-creating a fund of “up to $100 million” for video game developers who will make a living in its NFT marketplace. This NFT market will mark GameStop’s expansion into a company dabbling in cryptocurrencies and Web3 technology. However, it is also likely to draw the ire of gamers who are strongly opposed to NFTs. GameStop’s new NFT marketplace is forecast to launch sometime in 2022.

Existing Immutable X partnerships are supposed to give GameStop’s new initiative a boost, as companies already using Immutable X will be able to introduce their NFTs to this market. While Immutable X is used by some partners that are not focused on video games, such as TikTok, GameStop’s marketplace is presented as a place to buy and sell digital real estate, weapons, and character skins related to their digital products.

While some companies, notably Ubisoft, have gone ahead with NFT video games despite criticism. Other major video game companies have canceled plans to incorporate NFTs into their video games, such as STALKER 2 and Worms. However, the launch of a blockchain-native video game and digital asset marketplace could help GameStop position itself as a leading player in the industry. Currently, the commercial valuation of the GameStop company is close to $10 billion.