Video game retailer GameStop announced the addition of support for non-fungible tokens minted through Immutable X to its marketplace, meaning Web3 game assets can be bought and sold through the platform.
— GameStop (@GameStop) October 31, 2022
Immutable X-based games such as Gods Unchained, Illuvium and Guild of Guardians are among the titles that now have their respective NFT interactive objects available through GameStop’s marketplace. This includes tradeable and tokenized items, such as digital cards and customizable plots, among others.
This is a huge step in making true ownership real for hundreds of millions of gamers.
— Robbie Ferguson 🅧 – Hiring! (@0xferg) October 31, 2022
Gamestop and the Web3
GameStop opened its long-awaited NFT marketplace in July, but at launch, the platform only offered digital artwork and collectibles. Given the company’s broader focus and previously announced plans for the marketplace, many in the Web3 space were curious as to when the company would bring interactive gaming NFTs into the fold.
Both companies announced a $100 million token incentive fund for Web3 game developers. In addition, GameStop participated in a $500 million fund with grants and investments for NFTs and game creators using Immutable X.
Immutable X is built on Ethereum. Speaking of transactions on the Ethereum mainnet, they need extensive gas rates at times and can be slow depending on network traffic. However, Immutable X enables fast and affordable gaming, app and NFT interactions by transferring transactions to a second-layer blockchain.
Animoca Brands and Tencent are among the investors betting on Immutable’s Web3 gaming vision, which brought the startup to a $2.5 billion valuation through a total Series C funding round of $200 million in March.
GameStop has shared that its marketplace originated from beta testing. The marketplace is providing users with 1% of their daily trading volume in IMX token. In addition, it is offering rewards for wagering tokens. Not only this, but its market share has also been pegged at just 0.2% for an uncertain period of time.
According to DappRadar data, GameStop NFT has seen just $29 million in terms of total volume from more than 24,000 merchants ahead of today’s Immutable X launch. In October, OpenSea did more than $309 million in trading volume.
Although GameStop’s NFT has more trading activity compared to Coinbase’s NFT, it has yet to command NFT’s notable market share. Hopefully, with the addition of Web3 games to its platform, this will happen.
In September, GameStop partnered with FTX.US to drive the adaptation of cryptocurrencies in the gaming sector.
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