Video game retailing giant GameStop has partnered with Ethereum Layer 2 network developer Immutable X to launch its own NFT marketplace.
Announcing the news on Thursday, GameStop said the Immutable X-powered NFT marketplace will launch later this year. The two companies have also set up a $100 million grant fund to support developers who will launch their gaming NFT projects on the marketplace.
The grant fund is denominated in Immutable X's IMX tokens, precisely 56,209,850 tokens (worth over $200 million at current prices since the IMX's price has shot up over the last few days). But the fund is capped at $100 million.
Immutable X will also provide up to $150 million in IMX tokens to GameStop upon the achievement of certain milestones. These milestones include the NFT marketplace launch, reaching $1.5 billion in sales volume and $3 billion in sales volume on Immutable X within a certain period.
Immutable X is an Ethereum Layer 2 network specifically for NFTs. It is built using StarkWare's ZK-rollup technology and promises "instant trade confirmation, massive scalability, and zero gas fees."