Published on: 01/11/2022
GameStop launches NFT marketplace with ImmutableX
Video game retailer GameStop announced Monday that it had expanded its marketplace to include support for non-fungible tokens (NFT) on the blockchain platform ImmutableX. With the launch, tens of millions of GameStop gamers and GameStop Powerup Pro loyalty patrons in the United States can now purchase and trade Web3 game assets on the platform.
Gods Unchained, Illuvium, and Guild of Guardians are just a few of the games now available on the GameStop marketplace with interactive NFT items. Tokenized, sellable items such as digital trading cards and customizable land plots will also be available to GameStop users.
According to a company representative, the marketplace rewards users for staking or locking up tokens by returning one percent of daily trade volume in Immutable’s IMX token. Furthermore, for an unspecified period, it has reduced its marketplace fee to 0.2 percent.
Speaking about the collaboration, ImmutableX co-founder and president Robbie Ferguson said that the company was excited to keep deepening Immutable’s relationship with GameStop and to collaborate to create the future world of web3 gaming
“Our partnership with GameStop is an important step forward as Immutable brings the next billion players to web3 gaming,” Robbie Ferguson, president, and co-founder of ImmutableX said.
“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.”
Furthermore, ImmutableX, as a Layer 2 network, will allow gamers to mint and trade NFTs without incurring Ethereum gas fees or affecting carbon emissions, which is something that GameStop is looking for.
“Until now, developers have been challenged to create in-game items that players can truly own due to prohibitive [Ethereum] gas fees,” Ferguson said. “By building on Immutable X, GameStop is seeking to tap into Ethereum’s dominant and open ecosystem of NFTs, creating massive opportunities for participation and liquidity.”
GameStop, ImmutableX’s collaboration
The collaboration between the retailer and ImmutableX was first announced in February. The companies announced a $100 million token incentive fund for Web3 developers, as well as GameStop’s participation in a $500 million fund with investment and financial support for NFT and ImmutableX game designers.
It also includes ImmutableX and GameStop wallet integration, which enables participants to oversee their funds and digital assets.
“This is a huge leap forward for the gaming industry and blockchain,” Ferguson told Decrypt. “It is further validation that NFTs and blockchain have tremendous utility and are reaching a much broader audience.”
Immutable X is built on Ethereum, the top decentralized app platform. While transactions on Ethereum’s mainnet can be expensive and slow depending on network traffic, Immutable X allows for faster and more affordable game, app and NFT interactions by offloading transactions to a second-layer blockchain.
Tencent and Animoca Brands, among others, are placing bets big on Immutable’s Web3 gaming ambition, appraising the startup at $2.5 billion following a $200 million Series C funding round in March.
Gamestop debuted its NFT marketplace in July, with initial support for Looping, a competing Layer 2 Ethereum network. Even though GameStop has 818 looping collections on the market and only 17 ImmutableX collections, ImmutableX grants access to NFTs that are built into the game rather than stand-alone collectibles.
GameStop now lists 102,100 non-fungible tokens, almost double the number outlined at the release in July. According to DappRadar data, 2,900 users traded $662,000 in NFTs last week.