Gamestop has announced that it is partnering with blockchain startup Immutable X to launch its NFT marketplace sometime later in 2022, as the companies look to take advantage of the booming NFT space.
Both companies have also announced the creation of a $100 million fund that will provide grants to game developers and studios, enabling them to build on the new NFT marketplace and Immutable X.
Immutable To Power NFT Marketplace
Gamestop has tapped Immutable to access its liquidity platform, stating that building on Immutable X will allow affordable, faster, carbon-neutral, and almost limitless transactions on Gamestop’s new NFT marketplace. Immutable X is a layer-2 protocol based on Ethereum that will provide additional security for all transactions on the blockchain.
Partnering with Immutable X will enable developers to have significantly high transaction rates and zero gas fees or other costs, allowing them to trade and mint NFTs in a carbon-neutral environment.
Mixed Reactions From The Gaming Community
Gamestop’s foray into the NFT space could alienate a few game developers and hardcore gamers who have already voiced their displeasure on social media. According to this group of individuals, NFTs are deceptive or a cash grab. While it remains to be seen how Gamestop’s own customers would react, several investors have embraced this new type of ownership.
Significantly Lowering Gas Fees
Gamestop believes that NFTs and blockchain games have not achieved much success so far due to significantly high gas fees. A gas fee of $50 for a $5 transaction is bound to discourage users from making any purchase. With Immutable X, Gamestop hopes to access Ethereum’s ecosystem of NFTs without the high gas fees associated with NFTs.
Gamestop’s NFT marketplace will enable developers to create thriving in-game economies that would let gamers seamlessly buy, sell or trade in-game assets. Immutable uses Starkware’s StarkEx zero-knowledge proof technology. This allows Immutable X to bundle thousands of transactions together into one. The carbon footprint is then offset through partners Trace And Cool Effect. Immutable X already has several partnerships with games such as Gods Unchained, Guild of Guardians, Playco, TikTok, Ember Sword, and several more.
Considerable Excitement Around the Partnership
Speaking about partnering with Gamestop, Immutable Co-founder Robbie Ferguson commented,
“Immutable is excited to be working with GameStop and leading gaming publishers to support genuine power to players. Gaming is now bigger than music and movies combined — but the time and value that gamers invest cannot be turned into real economic value. GameStop, in partnership with Immutable, has the potential to cement itself as the ultimate destination for the next paradigm of gaming; true in-game economies that enable permissionless ownership of in-game items and value players for their time. GameStop’s NFT marketplace will bring the power of an insanely strong community to its over 50 million users and every developer that launches on it, and our technology will make it faster, easier, and more affordable to do so – while being 100% carbon-neutral.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
