By Sam Boughedda
Investing.com — GameStop Corp (NYSE:GME) announced Thursday it has partnered with layer-2 scalability protocol company Immutable X for its non-fungible token (NFT) marketplace.
GameStop will use the Immutable X liquidity platform to launch its NFT Marketplace expected later this year.
"Building on the Immutable X protocol will enable faster, more affordable, carbon-neutral and nearly limitless transactions on GameStop's NFT marketplace, which is being built for launching gaming developer-focused NFT projects," Immutable said in its press release.
The companies will also launch an up to $100 million fund to provide grants to game developers and studios to build on Immutable X and the NFT Marketplace. Those developers will have "zero gas fees for trading and minting NFTs in a carbon-neutral environment," allowing for "billions of low-cost, in-game assets that can easily be bought and sold."
Immutable X will also provide up to around $150 million in IMX tokens — an Ethereum token that powers Immutable X — to GameStop if certain milestones are achieved. The IMX token is up 33% Thursday.
Robbie Ferguson, co-founder of Immutable said: "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."
At the time of writing, GameStop shares are up 0.15%, and close to "post-meme boom" lows at $100/share.