Published on: 20/05/2022
GameStop to launch NFT Marketplace with ImmutableX
One of the biggest retailers in the gaming industry, GameStop, recently announced that it would be launching its own cryptocurrency exchange platform called the NFT Marketplace. According to the company’s earnings report, the platform’s launch will take place during the second quarter of the 2022 fiscal year.
During the company’s fourth-quarter earnings report, it was revealed that it had launched a massive recruitment campaign for its new cryptocurrency exchange. The company hired several individuals with extensive experience in various areas, including blockchain gaming and e-commerce.
Partnership with ImmutableX
It is no surprise that this campaign was launched following the company’s partnership with ImmutableX. This partnership demonstrates GameStop’s commitment to the cryptocurrency industry.
The NFT Marketplace’s operations will be carried out on the Ethereum blockchain, as ImmutableX is a scaling solution that allows transactions to take place seamlessly on the platform. This will allow users to perform thousands of operations in a matter of seconds.
Through the partnership with Immutablex, GameStop will be receiving around $150 million worth of IMX. These tokens will be delivered once the company reaches its goals and implements its various initiatives.
The money that the company receives from the partnership will be used to fund the various initiatives carried out on the platform. It was also reported that the company had sold 15 million IMX tokens during the partnership.
Despite the company’s announcement regarding the launch of the NFT Marketplace, GameStop’s stock fell by more than 10 percent in the last 24 hours. This could be caused by the company’s rather poor performance during the previous year. IN the fourth quarter of 2021, the company reported a loss of $148 million.
That being said, the company still managed to grow its stocks significantly during the first few months of last year. This was due to the efforts of Reddit users, who purchased the company’s stock to safeguard it from hedge funds.
Aside from GameStop, other companies also expressed their interest in participating in the operations of its NFT Marketplace. Spotify, for instance, has shown interest in participating in GameStop’s Web3 operations.
It is no secret that many people think that GameStop is the last place that would want to sell NFTs. However, when other gaming companies such as Square Enix started using blockchain technology, it made sense for GameStop to participate in the venture.
The NFT Marketplace was initially expected to launch in July. However, according to ImmutableX co-founder Robbie Ferguson, the launch might happen earlier.
According to Ferguson, the four significant marketplaces currently integrating with ImmutableX will be launching in the next couple of weeks. If one of these is GameStop’s, the launch of the NFT Marketplace could take place sometime between June 1 and June 30. This is around four weeks earlier than the company’s original deadline.
This news came just as GameStop was being sued by a former employee for allegedly violating New York’s labor law. According to the lawsuit, the company paid its employees every two weeks instead of every week.