GameStop Partners with Immutable X for NFT Marketplace, Launches $100 Million Dev Fund

After months of quietly working on an NFT marketplace, in January, GameStop finally revealed that it was close to securing partnerships with two crypto firms to further boost development efforts.

Now, one month later, GameStop has announced that it will be teaming up with Immutable X to launch its own NFT marketplace later this year.

The GameStop NFT Marketplace

As part of the partnership, GameStop will launch its NFT marketplace on Immutable X, a popular Ethereum based blockchain platform. Immutable X is well known as the developer of NFT trading card game ‘Gods Unchained.’

GameStop decided to tap into Immutable X because of its “zero gas fees for trading and minting NFTs in a carbon-neutral environment.” 

The GameStop marketplace will provide virtual video game products, such as in-game character cosmetics and weapons. In addition to this, GameStop hopes to include “billions of low-cost, in-game assets that can be easily bought and sold.”

GameStop Unveils $100 Million Development Fund

Alongside its NFT marketplace, GameStop unveiled the launch of a $100 million fund. According to GameStop, the fund will be dedicated to providing game developers with grants to build on Immutable X and the NFT marketplace.

In an interview, Robbie Ferguson, co-founder of Immutable X, stated that “the $100 million is a minimum of what we’re doing.”

GameStop has also partnered with Trace and Cool Effect to “offset its remaining carbon footprint.”

On the Flipside

  • The move by GameStop has not been well received by a number of gamers, and even some game developers who call GameFi and NFTs “deceptive cash grab schemes.”

Why You Should Care

GameStop hopes to use the fund to attract game developers and studios to the marketplace and increase its competitiveness in the market.

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    Author
    Milko Trajcevski

    Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia