GameStop officially launches NFT marketplace
Quick Take
- GameStop’s NFT marketplace has officially gone live.
- Built using the Immutable X Layer 2 scaling protocol, the platform will offer digital assets from major web3 games.
GameStop's NFT marketplace is live on Immutable X, a Layer 2 Ethereum scaling protocol.
The video game stores’s business is in decline but it now stands to be a major player in the NFT gaming industry, rivalling crypto-native gaming NFT platforms like Fractal, founded by Twitch’s Justin Kan.
GameStop’s marketplace will offer assets for Immutable X games, such as Gods Unchained, Guild of Guardians and Illuvium, in addition to other web3 games. All transactions will forgo fees and offer carbon-neutral minting using Immutable X’s Ethereum scaling.
Immutable, the company behind Immutable X, partnered with GameStop in February to create a new gaming-focused NFT marketplace. Immutable had a valuation of $2.5 billion in March of this year.
"Today’s launch of the GameStop NFT Marketplace means that we can now provide access to millions of additional NFTs, more of the top web3 games being developed today, while maintaining a best-in-class experience for players,” said Robbie Ferguson, president and co-founder of Immutable X, in a statement.
GameStop earned $1.1 billion in the second quarter — a 3.4% decrease compared to the prior quarter, according to the firm’s earnings report. The company has made other strategic web3 moves this year, partnering with the crypto exchange FTX US last month to provide GameStop users exposure to FTX’s digital asset marketplace.
Weekly sales of gaming NFTs have recovered slightly from the summer's bear market in recent months, The Block's Data Dashboard shows.
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