GameStop finally introduces Web3 gaming to its marketplace
Image source: Protocol
GameStop recently announced the addition of NFTs issued on Ethereum’s Immutable X Layer-2 scaling network to its marketplace.
The additional support allows users to buy and sell Web3 game assets.
Plenty of games now have interactive NFT items available on GameStop marketplaces.
The market offers digital trading cards, customizable bundles, and more.
Immutable X-based game titles include:
- Gods Unchained
- Guild of Guardians
In July, GameStop launched its long-awaited NFT Marketplace.
However, the platform only offered digital artwork and collectibles at launch.
Many in the Web3 space were curious when the company would include interactive game NFTs, given the company’s direction and plans for the market thus far.
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GameStop’s partnership with Immutable X was announced in early February.
The companies announced a $100 million token incentive fund for Web3 game developers.
Additionally, GameStop participated in a $500 million investment and grant fund for NFTs and game makers on Immutable X.
The platform is built on Ethereum.
While Ethereum transactions require high gas fees, Immutable X allows faster and cheaper gaming, app and NFT interaction.
The platform offloads transactions to the second level of the blockchain, speeding up the transaction.
Immutable, the company behind the platform, achieved encrypted “unicorn” status in early 2022.
Tencent and Animoca are investing in the company’s Web3 gaming vision.
The two investors are bringing the startup to a $2.5 valuation through a Series C funding round of $200 million in March.
GameStop announced that its marketplace had completed beta testing.
As a result, it is encouraging merchants to use its NFT platform.
A representative said that the market returns users 1% of their daily trading volume in Immutable IMX tokens.
The market also offers rewards for staking tokens.
In addition, the marketplace commission is 0.2% for an indefinite period.
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GameStop’s NFT, before the launch of Immutable X, only saw a total volume of over $29 million from nearly 24,000 retailers.
Meanwhile, OpenSea generated $309 million in trading volume last month.
Although GameStop NFT has more trading activity than Coinbase NFT, they still do not have a significant share of the NFT market.
Adding Web3 games to the platform could affect the change.
GameStop adds Web3 gaming NFTs to marketplace with Immutable X