Gaming stock GameStop announced earlier this week that it plans to funnel $100 million into a new NFT marketplace aimed at game developers. It marks a significant step up for the platform, which is often used in memes, and could see the company get noticed with the big boys as it dips a very big toe into the crypto waters and dabbles in Web3 technology.
About the Launch
According to the recent announcement, GameStop plans to launch its new NFT marketplace towards the end of this year. No set date has been proposed yet, although it seems that development is well underway.
The platform will reportedly be based on the Ethereum blockchain and use the Ether currency as its primary driver. Ethereum has long since been the leading crypto in the NFT world and is widely used by supporters. However, it is not without its drawbacks- the most notable being hefty energy consumption and high gas fees during the minting process.
Gamers and developers are gradually becoming more in tune with the NFT, but these particular flaws hold many people back from introducing them to their platforms. Enter Immutable X.
What Is Immutable X?
GameStop’s NFT marketplace with launch via Immutable X is an Ethereum-based blockchain that works to combat the traditional issues associated with Ether mints. It promotes itself as a green-focused platform that combines hundreds of thousands of records and files into single transactions. By doing so, it writes them off to the Ethereum blockchain and makes efforts to mitigate the environmental impact as it goes.
The partnership with Immutable X is sure to benefit GameStop in its journey into the NFT world. It is not the first time the gaming community has been affiliated with the platform in an NFT venture: Immutable X is the driving force behind the successful game Gods Unchained, which uses NFT trading cards as a central part of the gameplay.
Are There Any Benefits for Existing Immutable X Users?
Other than an existing understanding of how Immutable X operates, there doesn’t seem to be many specific benefits for its user. The real winners here will be GameStop, which is bound to get a significant boost from the hopeful influx of Immutable X users who are likely to take advantage of the new systems.
GameStop fans are also in for a treat as they see what new developments and opportunities become available through the new marketplace. According to announcements, the primary purpose is to promote NFT use to developers and encourage gamers to get involved. There is already a growing community around gaming NFTs, so it will be interesting to see how things develop here.
More About GameStop and NFTS
Many recent posts by GameStop administrators have expressed a desire to explore the possibilities of the NFT space. The platform was seen to be searching for new employees to work specifically in this department, including a position as the head of Web3 gaming.
Until now, there have been no NFT-enabled capabilities on the GameStop platform, which is why the $100 million drop is such a significant move. Based on the budget, it seems that when the marketplace does eventually launch later in the year, there is going to be a lot to discover.
There has been a fair deal of criticism surrounding gaming NFTs, with many users questioning their benefits. Several canceled plans from big-name platforms such as Worms and S.T.A.L.K.E.R 2 dented the confidence of gamers who doubt the functionality and practicality of the industry.
By partnering with an established and successful gaming NFT blockchain, Immutable X, GameStop may be able to navigate around the issues faced elsewhere and avoid unwanted backlash.
Final Thoughts
NFT gaming is still very much alive, with leading companies such as Ubisoft continuing to develop new games that utilize the tokens. Joining the ranks in such dramatic fashion makes GameStop a definite one to watch this year for anyone with an interest in the industry.
Let’s see how things develop over the year and hope that this GameStop and Immutable X partnership can be a positive force for the NFT gaming industry.