GameStop has announced that its marketplace now supports NFTs minted via Ethereum’s layer-2 scaling network, Immutable X. This paves the way for users to buy and sell assets from Web3 games on the site.
The GameStop marketplace now features interactive NFT items for several games based on the immutable X system, including Gods Unchained, Illuvium, and Guild of Guardians. Things like digital trading cards and plots of customizable land are just two examples of tokenized, tradable items.
In July, GameStop finally launched its NFT marketplace, but it was initially limited to digital artwork and collectibles. Many people in the Web3 community have wondered how long it will be before the company incorporates NFTs from interactive games into its more significant focus and market plans.
The store’s alliance with Immutable X was announced in February’s beginning of the year. In addition to GameStop’s separate participation in a $500 million fund with investment and grants for NFT and game creators using Immutable X, the companies have announced a $100 million token incentive fund for Web3 game developers.
Ethereum, the most popular infrastructure for distributed applications, serves as the foundation for Immutable X. Since using the Ethereum main net for transactions can be expensive due to gas costs and time-consuming due to network congestion, Immutable X offloads these operations to a separate blockchain to make them cheaper and faster for use in games, apps, and NFTs.
The company behind the platform, Immutable, was recognized as a “crypto unicorn” earlier this year. Immutable has received a massive $2.5 billion valuation thanks to a $200 million Series C funding round in March from investors like Tencent and Animoca Brands. They are betting big on the company’s vision for Web3 gaming.
Retailer GameStop has announced that layer-2 scaling network Immutable X NFTs can now be traded on its marketplace. Today, GameStop announced that its marketplace has graduated from beta testing. Users can directly change and sell items from their favorite Web3 games. GameStop is enticing investors to use its new NFT platform with many perks. A spokesperson for the marketplace stated that users could earn rewards for staking (or locking up) tokens in addition to receiving 1% of their daily trade volume in Immutable’s IMX token. The company has also lowered its market fee to 0.2% for an extended time.
DappRadar data shows that almost 24,000 people have traded a total of $29 million worth of GameStop NFT before Today’s launch of Immutable X. Comparatively, in October alone, OpenSea, the leading overall NFT marketplace, saw a trading volume of about $309 million.
NFT Today attempted to contact GameStop and Immutable X for comment on the marketplace’s early success but has yet to hear back in time for publication.
Although GameStop NFT has more daily trading volume than lesser-known competitors like Coinbase NFT, it has yet to capture a sizable portion of the NFT market. That may change once it supports Web3 games.