On the 1st of November, GameStop, a video game retailer, announced that it had added NFTs and Web3 gaming to its marketplace through Ethereum layer-2 scaling network Immutable X. This announcement means that users can now buy or sell Web3 games assets through this platform.
The games on the GameStop marketplace, which now have their respective interactive NFT items available through, are Immutable X-based games, such as Guild of Guardians, Gods Unchained, and Illuvium. The items related to NFTs are tokenized and tradeable items, such as customizable land plots and digital trading cards.
In July, the GameStop marketplace also launched the NFT marketplace, but the platform offered only digital artwork and collectibles. As the company has already got a foothold in the Web3 space, many were interested in when the platform would bring NFTs from interactive games into the fold.
In February, the video game retailer announced its partnership with Immutable X. At that time, GameStop announced a $100 million token incentive fund for Web3 game developers. The game retailer also participated in a $500 million fund with investment and grants for game creators and NFT using Immutable X.
The reason for choosing Immutable X network for their gaming marketplace by GameStop is because it’s built on Ethereum, the leading platform for decentralized apps. Immutable X network enables faster and cheaper games, NFT, and app interactions by offloading transactions to a second-layer blockchain.
It’s not only GameStop that invested in Immutable network for its plans related to Web3, but also many other gaming companies invested in it. Animoca Brands and Tencent are betting big on Immutable’s vision for Web3 gaming. In March, they both did a $200 million total Series C funding round, bringing the startup to a hefty $2.5 billion valuation.
GameStop offers various incentives for traders to use its NFT platform in its new marketplace. The marketplace gives users 1% of their daily trade volume in Immutable’s IMX token. Moreover, it also offers rewards for staking tokens and sets its marketplace fee to just 0.2% for an unspecified duration for new users.