SNEAK PEEK
- Interactive non-fungible tokens from games such as Iluvium and Gods Unchained are available via the Web3 platform of GameStop.
- Earlier this year, Immutable got crypto “unicorn” status.
- GameStop is providing many incentives for traders so that usage of its NFT platform grows.
GameStop, the video game retailer, has shared about adding support for non-fungible tokens that are minted through Immutable X to its marketplace. In other words, this means that assets from Web3 games can be both purchased as well as sold via the platform.
.@GameStopNFT is bringing Web3 gaming collections to the masses with @Immutable.
— GameStop (@GameStop) October 31, 2022
Let’s ride – https://t.co/RAimEZ58eb pic.twitter.com/QL8UFUR9sG
In July, Today NFT News reported when GameStop announced the launch of its NFT marketplace; however, during the launch, the platform provided collectibles and digital artwork only. Its collaboration with Immutable X was initially announced in February.
Thrilled to finally announce that @GameStopNFT Marketplace is officially LIVE on @immutable.
— Robbie Ferguson 🅧 – Hiring! (@0xferg) October 31, 2022
This is a huge step in making true ownership real for hundreds of millions of gamers.
PTTP
(1/n) pic.twitter.com/f4CJsdGxFe
Both the companies announced a token incentive fund of $100 million for Web3 game developers. Also, GameStop took part in a $500 million fund with grants and investment for NFT and game creators utilizing Immutable X.
Immutable X has been created on top of Ethereum. Talking about transactions on the mainnet of Ethereum, they need ample gas fees at times and might be slow based on network traffic. However, Immutable X allows quick and affordable game, application and NFT interactions via dropping transactions to a second-layer blockchain.
Animoca Brands and Tencent are among investors who are betting on Web3 gaming vision of Immutable that took the startup to a valuation of $2.5 billion through a $200 million total Series C funding round in the month of March.
GameStop has shared that its marketplace has originated from beta testing. The marketplace is providing users 1% of their per day trade volume back in IMX token. Moreover, it is providing rewards for staking tokens. Not only this but its marketplace fee has also been set to only 0.2% for an uncertain time period.
Based on DappRadar’s data, GameStop NFT has seen merely $29 million in terms of total volume from over 24,000 traders who are ahead of today’s Immutable X release. In October, OpenSea made over $309 million in trading volume.
Though GameStop NFT has more trading activity as compared to Coinbase NFT, it still has to command NFT market’s notable share. Hopefully, by the addition of Web3 games to its platform, it will happen.
In September, GameStop partnered with FTX.US to boost adaption of crypto in the gaming sector.
