GameStop taps Immutable X for NFT marketplace

The GameStop Inc. store will appear on May 24, 2017 in Encinitas, Calif., USA.Reuters / Mike Break / File Photo / File Photo / File Photo

February 3 (Reuters)-GameStop Corp (GME.N) Aims to partner with blockchain startup Immutable X to leverage the booming market and complement the digital pivot to e-commerce later this year in the Non-Fungible Token (NFT) Marketplace To launch.

The two companies also announced a $ 100 million worth of Immutable X IMX tokens to support creators of NFT content from the game studio Web3 and Metaverse games.

The NFT market recorded sales of nearly $ 25 billion in 2021, but the explosive growth in speculative crypto assets has led to data from market tracker DappRadar compared to $ 94.09 million in the previous year. I am.

Some people see NFTs as the future of ownership in the online world and buy NFTs as a vote of trust in the development of “Web3” or the Metaverse, and why so much money is spent on items that don’t. Some people are confused about. It physically exists.

NFT sales extend to art, sports goods and music.

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

Immutable has created ImmutableX, a Layer 2 scalability protocol for NFTs on Ethereum, the second largest blockchain network. This means that it enables much faster transactions than Ethereum, requires less computing power, and has less environmental impact.

Immutable X will also be GameStop’s Layer 2 partners and platforms.

Report by Eva Mathews in Bangalore.Edited by Shinji Ikari

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