GameStop Plans to Launch NFT Platform by Mid of This Year

  • GameStop, a video game retailer based in the United States announced the launch of the Non-fungible token platform by the end of Q2 2022.
  • GameStop has collaborated with Immutable X for this major change on its platform.

In partnership with Immutable X, GameStop has announced the debut of the non-fungible token (NFT) platform on 17th March. The platform will be launched by the end of Q2 2022.

This announcement was made by the GameStop firm in the Q4 2021 earnings call. The NFT platform debuted. The plans were included in the firm’s 10-K disclosure filing as “new growth potential.”

GameStop is the one-stop solution for games, consoles, and other electronics. It is an  American high street shop that specializes in consumer electronics, video games, and gaming merchandise.

According to their filing, GameStop is also looking forward to investing in digital assets including NFTs, Web 3.0 technology. They also plan to include blockchain and new destination formats for their stores.

The launch of the GameStop NFT marketplace can be a big push for this firm. This would bring it on pace with its key competitors like OpenSea and Coinbase.

GameStop collaborated with Immutable X in January. 2022 to launch the NFT marketplace. According to the terms of the partnership, Digital Worlds promises to give NFT developers around $100 million worth of IMX tokens- Immutable X’s official cryptocurrency.

Digital Worlds will also fund GameStop $150 million of IMX tokens only if it hits certain milestones.

Immutable X is a Layer 2 Ethereum network for NFTs based on StarkWare’s ZK-rollup technology, which promises better scalability and reduced gas fees.

The company has already suffered a major setback last year and this NFT launch can be a game-changer for it. GameStop wants to bring out the best from its second chance by serving crypto lovers, gamers, and tech enthusiasts.

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