GameStop has partnered with Immutable X to further develop its NFT marketplace.
Immutable and GameStop will create $100 million fund dedicated to support game developers.
GameStop is among several traditional video game companies exploring NFTs.
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Immutable has announced a new partnership with GameStop to power its NFT marketplace.
GameStop Leveraging Layer 2 Technology
Immutable has partnered with GameStop to develop its NFT marketplace.
Immutable is the developer of Immutable X, a Layer-2 protocol for NFTs on Ethereum that allows for faster, less computationally-intense transactions at zero gas costs. It is also the creator of well-known blockchain games such as Gods Unchained and Guild of Guardians.
Immutable X is built using StarkWare’s StarkEx zero-knowledge proof technology, which is capable of rolling up hundreds of thousands of transactions into a single Ethereum transaction.
The news comes not long after GameStop first announced its foray into the NFT world, confirming their plan to build a hub for trading in-game items such as avatars, outfits, and weapons. Immutable X will have a role in powering the development of GameStop’s NFT marketplace.
The team’s plan includes launching a token pool to support developers building gaming apps and creators making content in the GameStop NFT marketplace.
In an apparent attempt to outsource developer talent, GameStop is allowing NFT content creators to apply for grant consideration via a link published via its NFT website.
In recent weeks, some of the industry’s biggest publicly traded video game companies have launched or announced plans to sell NFTs, including Ubisoft Entertainment, Zynga Inc. and Square Enix Holdings.
The global video games market has been reported to have reached $138 billion during 2021 and GameStop’s valuation is close to $10 billion at the time of reporting.
Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies.
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