GameStop adds support for Web3 gaming NFTs in its marketplace with Immutable X

Video game retailer GameStop recently announced that it has added support for NFTs minted through Ethereum layer-2 scaling network Immutable X to its marketplace which means that assets from Web3 games can be bought and sold through the platform.

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Immutable X games like Gods Unchained, Illuvium, and Guild of Guardians are among the titles that now have their individual interactive NFT items open for access through the GameStop marketplace. This also retains tokenized, tradeable commodities such as digital trading cards and customizable land plots, among other different things.

GameStop extended its long-awaited NFT marketplace in July, but at launch, the platform only presented digital artwork and collectibles. Given the company’s broader focus and previously announced strategies for the marketplace, many in the Web3 space were interested when the company would bring NFTs from interactive games into the scene.

The retailer’s alliance with Immutable X was first announced back in February. The firms reported a $100 million token incentive fund for Web3 game developers, and GameStop separately participated in a $500 million fund with investment and grants for NFT and game creators using Immutable X.

Immutable X is made on the Ethereum platform. While transactions on Ethereum’s mainnet sometimes demand hefty gas fees and can be slow relying on network traffic, Immutable X allows faster and cheaper game, app, and NFT dealings by offloading transactions to a second-layer blockchain.

Immutable, the company behind the platform, acquired the status “unicorn” earlier this year. Investors like Animoca Brands and Tencent are betting big on Immutable’s idea for Web3 gaming, bringing the startup to a weighty $2.5 billion valuation through a $200 million total Series C funding round in March.

Also read: GameStop allies with FTX for Crypto

As of now, GameStop expressed that its marketplace has appeared from beta testing. The platform is offering diverse incentives for traders to operate its developing NFT platform. According to a spokesperson, the marketplace is offering users 1% of their day-to-day trade volume back in Immutable’s IMX token. In addition, they also offer rewards for staking tokens. In fact, the marketplace fee is set to just 0.2% for an unknown duration.

Regardless, GameStop NFT has only glimpsed about $29 million in total volume from almost 24,000 traders ahead of the Immutable X launch. By difference, leading general NFT marketplace OpenSea has yielded about $309 million in trading volume in October itself.

GameStop and Immutable X representatives did not provide any additional information regarding the marketplace’s performance to date.

While the GameStop NFT marketplace sees more trading movement than a considerable rival like Coinbase NFT, the platform has yet to command a definite share of the NFT market. Maybe adding Web3 games to the platform will help change that.


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