GameStop to launch NFT platform by end of Q2

GameStop intends to launch its forthcoming non-fungible token (NFT) platform by the end of Q2 2022.

The firm announced its plans in its Q4 2021 earnings call today and included the plans in its 10-K disclosure filing as part of "new growth opportunities."

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"As we scale and expand our core offerings we will simultaneously invest in additional growth, including blockchain, digital assets (including non-fungible tokens ("NFTs")), Web 3.0 technology, and new destination formats for our stores," said the filing.

GameStop partnered with Immutable X in January of this year to build out the NFT marketplace. Digital Worlds plans to grant up to $100 million in IMX tokens to NFT creators and up to $150 million to GameStop itself as it meets certain milestones, according to the terms of the deal.  

Immutable X is an Ethereum Layer 2 network for NFTs built with StarkWare's ZK-rollup technology, which purports increased scalability and lower gas fees.

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Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to akeely@theblock.co or follow her on Twitter for updates @AislinnKeely.