One of the most recognized video game stores in the world, has communicated a strategy to get the company back on track, through the creation of its own NFT marketplace.
The video game company announced the launch of its marketplace which is available at nft.gamestop.com, being a direct rival to other NFT blockchain video game platforms such as Fractal.
The marketplace has been built on Immutable X, a layer 2 protocol of the Ethereum network based in Sydney. It contains NFTs that can be used in web3 games such as Gods Unchained, Illuvium or Guild of Guardians. Such NFTs consist of tradeable items, digital cards, customizable lands, among others.
This marketplace will be available to GameStop gamers and GameStop Powerup customers in the United States. The launch of the platform is a joint venture between GameStop and Immutable.
GameStop initially launched the beta phase of its marketplace in July, but its functionality was restricted to digital art and collectibles only.
In the tie-up between the two companies, Immutable X had announced its support for the project with an investment of approximately $100 million for the development of web3 games, and GameStop on its own participated with the investment of about $500 million, with investors and guarantees for NFTs and game creators using Immutable X.
Immutable X is built on top of the Ethereum network, but it is worth noting the difference in performing projects and transactions over both. While Ethereum’s mainnet carries a considerable expense in transaction fees, and transactions can be delayed and slow depending on network traffic; Immutable X offers faster and cheaper interactions for games, applications and NFTs, through transactions that take place on a second layer of the Ethereum blockchain.
Thus, by working with a layer 2 Ethereum protocol, they offer more scalable products, and can offer the benefits of minting and exchanging tokens 100% free of gas (which actually translates into a tiny percentage of approximately 0.2%) and contamination. Thus, it becomes a very encouraging and attractive option for new web3 players.
GameStop’s goal is to offer web3 games to users worldwide. Currently, the company has more than 50 million players to date.
The GameStop team has announced that they have established a strong incentive program for all those users who are going to interact with their marketplace. Thus, they will give users 1% of their daily trading volume as a rebate, through Immutable (IMX) tokens, as well as a reward system for blocking their tokens through the “staking” system.
Robbie Ferguson, the CEO of Immutable X, has stated that the GameStop NFT Marketplace will provide gamers with the ability to own digital assets in games, while retaining the best possible experience for gamers.
GameStop has previously formalized links with web3 platforms such as the FTX exchange to provide its users with exposure to the FTX digital asset market.
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express