GameStop Invests Heavily in NFTs and Web3 Development

Recently, GameStop made a surprising announcement to the crypto community by revealing its strong investment commitment in crypto through a partnership with Immutable X (IMX) to build an NFT trading marketplace for users.

Let's delve into this event with Gamefinity!

GameStop and Immutable X: What Are They?

GameStop is a prominent American retailer of video games and consumer electronics, headquartered in Texas, with over 5,000 retail stores across the United States and European countries.

Immutable X is the first Layer 2 solution supporting rapid NFT transactions on Ethereum, boasting up to 9,000 transactions per second and zero gas fees. Developed using StarkWare's Rollup technology, it addresses the high gas fee issue faced by Ethereum's NFTs.

GameStop's Collaboration with Immutable X and the $100 Million Investment Fund

GameStop has joined forces with Immutable X to establish a $100 million investment fund in the form of tokens aimed at supporting and promoting the NFT gaming industry and blockchain globally.

Current Activities of GameStop

As a leading name in the electronic gaming and consumer device industry, GameStop is widely recognized within the gaming community.

With ambitions to enter the Crypto market, the company has taken its initial steps by focusing on memecoins and establishing an NFT Marketplace, while continuously recruiting personnel for blockchain games.

Currently, GameStop acts as a platform for NFT artworks launched on the Ethereum ecosystem as well as Loopring, an Ethereum Layer-2 scaling solution. They have signed contracts with Immutable X to collaborate and support Layer-2 protocols in the future.

GameStop's Bold Investment Decisions

Some believe GameStop will require significant time to attract discerning gamers in the GameFi market.

However, the NFT Game market continues to grow steadily despite being in a freezing stage.

Nevertheless, GameStop will approach NFTs in their own unique ways and has already achieved some successes:

• Limited creative people, but with open applications: There are currently 250 NFT collections available on the GameStop Marketplace and 50,000 individual NFTs. Though the number of NFTs is not large, GameStop has also invested in an FAQ page to introduce new creators.
• Desire to support transactions for NFTs from various platforms; GameStop has clear development directions for expanding the scale of supported assets. Especially NFTs beyond the platforms on which the company supports.
• Web3 game development: Partnering with Immutable X, GameStop will soon take actions to bring popular Web3 games like Gods Unchained and Illuvium to the market.

Conclusion

The decision to partner with Immutable X, a Layer-2 solution for Ethereum, has firmly positioned GameStop in the market.

In the future, will this gaming giant make further new investment moves in the blockchain game market?