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GameStop partnered with Immutable X to officially launches its own NFT marketplace

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Indrani bose Follow

INDIA

Nov, 08 2022

Nov, 08 2022

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GameStop?partnered?with?Immutable X to?officially launches its own NFT marketplace?for Web3 Gaming NFTs.


The world's largest retailer of video games, GameStop, and ImmutableX (IMX), a Web3 gaming-focused layer 2 scaling protocol on Ethereum, have joined forces to officially launch their GameStop NFT marketplace. Tens of millions of gamers in the US will now have access to NFTs due to this new platform, created in partnership with the blockchain business ImmutableX. 


GameStop, a retailer of video games, revealed recently that it has expanded support for NFTs created using the Ethereum layer-2 scaling network Immutable X to its marketplace. This will enable users to buy and sell Web3 game assets. The interactive NFT products for a number of immutable X-based games, including Gods Unchained, IIIuvium, and Guild of Guardians, are now accessible through the GameStop marketplace. This comprises tokenized, tradeable goods like customizable land plots and digital trading cards, among other things. In July, GameStop finally launched its long-awaited NFT marketplace, but it initially only included digital collectibles and art. 


For traders to use its newly launched NFT platform, GameStop is providing a variety of incentives. A spokesman stated that the exchange pays customers for staking (or locking up) tokens in addition to returning 1% of their daily trade volume in Immutable's IMX token. Additionally, it has reduced its market fee to 0.2% for an unspecified time period. 


Immutable X and the retailer announced their collaboration first in February. Various initiatives have been undertaken since then. The companies announced a $100 million token incentive fund for builders and creators of Web3 gaming, as well as the integration of ImmutableX tech into the GameStop NFT marketplace’s wallet. In addition, a $500 million fund including investments and awards for NFT and game producers using Immutable X was also announced. On top of Ethereum, the most popular platform for decentralized applications, Immutable X was created. Immutable X speeds up and reduces the cost of game, app, and NFT interactions by shifting transactions to a second-layer blockchain, where they can occur more quickly and with lower gas costs than on Ethereum's mainnet. 


The platform's developer, Immutable, became a crypto "unicorn" earlier this year. Immutable's concept for Web3 gaming has investors like Tencent and Animoca Brands spending heavily on it, valuing the business at $2.5 billion through a $200 million overall Series C fundraising round in March. According to GameStop, the marketplace has now passed beta testing as of today.  


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Indrani bose

CBW - External Analyst

INDIA

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