GameStop Launches NFT Marketplace on ImmutableX to Bring Web3 Gaming Collectibles to Masses

GameStop Launches NFT Marketplace on ImmutableX to Bring Web3 Gaming Collectibles to Masses

GameStop has launched its non-fungible token (NFT) marketplace on blockchain platform ImmutableX in a bid to bring Web3 gaming collections to the masses.

The video game retailer announced the news on Monday, noting that it has added support for NFTs minted via Ethereum layer-2 scaling network Immutable X to its marketplace—which means that assets from Web3 games can be bought and sold through the platform.

The partnership was initially announced in February and the GameStop NFT platform has been operating as a public beta since July. The official launch will allow marketplace users to access Web3 games currently being built on ImmutableX, including Gods Unchained, Guild of Guardians and Illuvium, as well as additional NFT gaming assets. 

The layer 2 scaling product can facilitate “100% gas-free and carbon-neutral minting and trading” on the GameStop NFT marketplace, according to its developers, making it an attractive solution for players new to Web3 gaming.

The two platforms have worked together on several initiatives since February, including launching a $100 million grant for builders and creators of Web3 gaming and integrating ImmutableX into the GameStop NFT Marketplace’s wallet to allow for easier management of digital assets.

GameStop has been working to build out its suite of Web3 integrations over the past year. In May, the retailer released its self-custodial crypto and NFT wallet. In July, it linked up with layer 2 scaling product Loopring to process transactions for its beta marketplace launch, bringing in $7.2 million in its opening week of sales. Most recently, the retailer announced an upcoming partnership with cryptocurrency exchange FTX.

Jonathan Reedy, vice president of strategic partnerships at ImmutableX, told CoinDesk that both firms aim to onboard new Web3 gamers by offering educational materials and introducing in-person and virtual gameplay down the line.

“ImmutableX hopes to create a gaming landscape that no longer thinks about blockchain gaming in terms of wallets, bridges, chains and rollups but instead, true digital ownership and fun sit at the heart of the gameplay experience,” said Reedy.

Immutable, the firm behind the platform, achieved crypto “unicorn” status earlier this year. Investors like Tencent and Animoca Brands are betting big on Immutable’s vision for Web3 gaming, bringing the startup to a hefty $2.5 billion valuation via a $200 million total Series C funding round in March.

As of today, GameStop said that its marketplace has emerged from beta testing. GameStop is offering various incentives for traders to use its nascent NFT platform. According to a representative, the marketplace is giving users 1% of their daily trade volume back in Immutable’s IMX token and also offers rewards for staking (or locking up) tokens. It has also set its marketplace fee to just 0.2% for an unspecified duration.

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