The world’s largest retail gaming and trade-in destination, GameStop, has planned to launch its own forum for non-fungible tokens (NFT) and is co-initiating an “up to $100 million” repository for game developers using it.
Gamestop has collaborated with Immutable X, an Ethereum Layer 2 network developer for this launch. The company’s announcement came on Thursday, 3 February 2022, along with the news of when the launch of the Immutable X-powered NFT marketplace is, which would be later this year.
The repository for the grant is named in Immutable X’s IMX tokens, specifically 56,209,850 tokens, that are worth over $200 million at the present prices due to the increase in the price of the IMX tokens. However, the fund is clinched at $100 million.
In addition, Immutable X will contribute up to $150 million in tokens of IMX to GameStop on achieving certain breakthroughs. These milestones are inclusive of the NFT marketplace launch, reaching sales volumes of $1.5 billion and $3 billion on Immutable X within a given time frame.
GameStop recently expressed its enthusiasm for blockchain technology when it advertised for a ‘head of Web3 gaming’ and an array of jobs based on non-fungible tokens. These tokens are usually characterized as a way to determine ownership of items in-game, and let players trade articles outside an authorized marketplace like an in-game auction house. A few games, that are played to earn rewards in the real world, use cryptocurrency and NFTs to operate an in-game economy that converts into real money for the players.
Company behind NFT trading card game, Gods Unchained: Immutable
Immutable, the company behind the NFT trading card game Gods Unchained, is also the company that created Immutable X. Immutable X is a podium based on the most sought-after Ethereum cryptocurrency blockchain. It functions on the Ethereum Layer 2 network, explicitly for NFTs.
Immutable podium is determined to placate the biggest drawbacks of Ethereum, like the enormous amount of energy consumed and the exorbitant gas fees which could add a high transaction cost.
The new protocol incorporates huge numbers of sale records into one particular transaction, written to the Ethereum blockchain; through this, Immutable assures to make up for the environmental expense incurred by carbon offsets.