After months of quietly working on an NFT marketplace, in January, GameStop (NYSE:GME) finally revealed that it was close to securing partnerships with two crypto firms to further boost development efforts.
Now, one month later, GameStop has announced that it will be teaming up with Immutable X to launch its own NFT marketplace later this year.
The GameStop NFT Marketplace
As part of the partnership, GameStop will launch its NFT marketplace on Immutable X, a popular Ethereum based blockchain platform. Immutable X is well known as the developer of NFT trading card game ‘Gods Unchained.’
GameStop decided to tap into Immutable X because of its “zero gas fees for trading and minting NFTs in a carbon-neutral environment.”
The GameStop marketplace will provide virtual video game products, such as in-game character cosmetics and weapons. In addition to this, GameStop hopes to include “billions of low-cost, in-game assets that can be easily bought and sold.”
GameStop Unveils $100 Million Development Fund
Alongside its NFT marketplace, GameStop unveiled the launch of a $100 million fund. According to GameStop, the fund will be dedicated to providing game developers with grants to build on Immutable X and the NFT marketplace.
In an interview, Robbie Ferguson, co-founder of Immutable X, stated that “the $100 million is a minimum of what we’re doing.”
GameStop has also partnered with Trace and Cool Effect to “offset its remaining carbon footprint.”
On the Flipside
- The move by GameStop has not been well received by a number of gamers, and even some game developers who call GameFi and NFTs “deceptive cash grab schemes.”
Why You Should Care
GameStop hopes to use the fund to attract game developers and studios to the marketplace and increase its competitiveness in the market.
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