iMMUTABLE and GameStop to launch NFT marketplace and $100M grant for game developers

In a move that will take the gaming industry by storm, GameStop has partnered with Ethereum Layer 2 network developer Immutable X to launch a non-fungible token (NFT) marketplace at a time when many companies in the gaming sector are turning away from them.

During GameStop’s announcement, it stated that the Immutable X-powered NFT marketplace will launch later this year and that the two companies have created a $100 million grant fund that is contributed to by Immutable’s IMX tokens in an effort to help developers launch their gaming projects on the Immutable X marketplace.

It is stated in the announcement of the partnership that GameStop and Immutable will use these funds to create grants that will be given to companies creating NFT content and technology. The retailer mentioned that Immutable will work with GameStop on its own NFT marketplace, which is slated to launch in 2022. Additionally, Immutable will give GameStop up to $150 million worth of IMX tokens if it is able to achieve a certain milestone by the end of the year.

The Immutable X protocol runs on top of the Ethereum blockchain, and is specifically designed for token-based video games and NFT-based projects. According to the developer of the layer 2 network, Immutable X is the first layer-2 scaling solution for NFTs on Ethereum, with instant trade confirmations, zero gas fees, and massive scalability, without compromising user trust and security. It is important to note that Immutable is also the developer of the digital card game ‘Gods Unchained’, which uses the “play-to-earn” model in which players are able to earn digital goods.

While GameStop had been teasing us that it had plans to integrate Ethereum into their products and services since its teaser site launched in May 2021 featured a logo with the Ethereum name, there was no indication as to how the retailer would do so or whether an NFT marketplace would be the ultimate goal.