HomeBusinessGameStop taps Immutable X for NFT marketplace

GameStop taps Immutable X for NFT marketplace

GameStop Corp is partnering with blockchain startup Immutable X to launch its non-fungible token (NFT) marketplace later this yr, because it seems to make the most of the booming market and complement its digital pivot into e-commerce.

The corporations additionally introduced a fund price $100 million, in Immutable X’s IMX tokens, devoted to supporting creators of NFT content material from gaming studios, “Web3” and metaverse gaming.

The market for NFTs hit practically $25 billion in gross sales in 2021, in comparison with simply $94.9 million the yr earlier than, because the speculative crypto asset exploded in recognition, knowledge from market tracker DappRadar confirmed.

While some see NFTs as the way forward for possession within the on-line world, and shopping for NFTs as a vote of confidence within the growth of “Web3” or the metaverse, others are baffled as to why a lot cash is being spent on gadgets which don’t bodily exist.

NFT gross sales prolong to artwork, sports activities collectibles, and music.

Sydney, Australia-based Immutable raised $60 million in its final spherical of funding led by BITKRAFT Venture and King Rival Capital in September. Immutable is the developer of NFT video games Gods Unchained and Guild of Guardians.

Immutable has created Immutable X, a Layer-2 scalability protocol for NFTs on Ethereum, the second-largest blockchain community. This means it allows transactions at a a lot quicker charge in comparison with Ethereum, requires low computing energy and has decrease environmental influence.

Immutable X may even turn out to be a layer-2 companion and platform for GameStop.

(Reporting by Eva Mathews in Bengaluru; Editing by Shinjini Ganguli)

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