GameStop Launches NFT Marketplace on Immutable X
GameStop has launched its NFT marketplace on Immutable X, an Ethereum layer 2 scaling protocol, as reported by The Block.
Amid declining business operations in the gaming sector, GameStop has emerged as a major player in the NFT gaming industry. Many compare GameStop's position to crypto-native NFT gaming platforms like Fractal, founded by the creators of popular game streaming service Twitch.
The GameStop marketplace will provide cryptographic assets for games on Immutable X, including prominent titles such as Gods Unchained, Guild of Guardians, and Illuvium. All transactions will be feeless and reduce carbon emissions through Immutable X's Ethereum scaling technology.
Immutable, the developer behind Immutable X, has collaborated with GameStop since February to establish a centralized NFT marketplace supporting new game releases. As of March 2022, Immutable is valued at $2.5 billion USD.
Robbie Ferguson, co-founder of Immutable X, emphasized that the GameStop marketplace will enhance user access to millions of NFTs. "Many Web3 games are currently in development. The marketplace will maintain the best gaming experience for players," Ferguson shared.
According to company income reports, GameStop earned $1.1 billion USD in Q2, a 3.4% decrease from the previous quarter. The company has strategically ventured into Web3 initiatives this year, including partnerships with FTX US exchange to enable GameStop users to utilize FTX's NFT marketplace.
Weekly NFT sales within games have shown slight recovery in recent months, though they remain relatively low. Expectations are high that the GameStop marketplace will attract more users from the traditional gaming segment, thereby boosting NFT game revenues.
Read more: GameStop's Major Investment in NFT and Web3 Development
