GameStop rolls out its NFT marketplace

    01 Nov 2022

    GameStop’s NFT marketplace has officially launched on layer-2 Ethereum scaling protocol Immutable X and will offer digital assets from major Web3 games.

    Lately, the video game stores’ business is on the downswing. But now, GameStop is becoming a major player in the NFT gaming industry, rivaling crypto-native NFT gaming platforms like Fractal, founded by Twitch’s Justin Kan.

    The new marketplace will offer digital assets for the games in the Immutable X ecosystem, including Gods Unchained, Illuvium, and Guild of Guardians, among other blockchain games. All transactions will be fee-free and carbon-neutral due to Immutable X’s Ethereum scaling.

    In February, GameStop partnered with Immutable, the company behind Immutable X, to create a new gaming-focused NFT marketplace.

    “Today’s launch of the GameStop NFT Marketplace means that we can now provide access to millions of additional NFTs, more of the top web3 games being developed today while maintaining a best-in-class experience for players,” Immutable Х’s president and co-founder Robbie Ferguson said in a statement.

    GameStop earned $1.1 billion in the second quarter – a 3.4% decrease compared to the prior quarter, according to the firm’s earnings report.

    This year, GameStop has made other strategic Web3 moves, partnering in September with the crypto exchange FTX US to provide GameStop users exposure to FTX’s digital asset marketplace.

    This May, GameStop unveiled a digital asset wallet that will let gamers and others store, send, receive and use cryptocurrencies and NFTs on decentralized apps without leaving their web browsers.

    In March, Immutable had a valuation of $2.5 billion. Later in June, Immutable launched a $500 million ecosystem development fund to accelerate the adoption of promising Web3 projects building on its platform Immutable X.

    Meanwhile, weekly sales of gaming NFTs have recovered slightly from the summer’s bear market in recent months, according to The Block’s Data Dashboard.

    Leave a Reply

    Your email address will not be published. Required fields are marked *