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NFT News: GameStop Launching NFT Marketplace

Jeff Pratt breaks down GameStop’s plan to build an NFT Marketplace on Immutable X.

The world is expanding, and DraftKings is expanding along with it. As NFTs continue to grow, these daily articles will serve as a hub for the latest news and notes in the space.

In case you are new to the Metaverse, check out my quick breakdown on what NFTs are and how they work. For those looking to get in the game, read my article on how to set up a MetaMask wallet.

GameStop Launching NFT Marketplace

GameStop’s resurgence campaign continues, with the company officially announcing plans to launch its new NFT marketplace on Immutable X. For those who haven’t heard of Immutable X, the platform is a “layer 2” that sits on top of Ethereum, providing security for transactions on the blockchain. The former video game industry titan is also co-creating a $100 million fund for game developers who use it.

Immutable’s existing partnerships will also benefit GameStop, as companies that already use the layer 2 will be able to feature their NFTs on the new marketplace. While there will be opportunities for expansion, GameStop plans to focus on in-game assets as NFTs for now. The marketplace will launch later this year.

By building on Immutable X, GameStop aims to draw in NFT enthusiasts with low gas fees.

“GameStop, in partnership with Immutable, has the potential to cement itself as the ultimate destination for the next paradigm of gaming; true in-game economies that enable permissionless ownership of in-game items and value players for their time,” Immutable cofounder Robbie Ferguson said in a statement.

Could this be the beginning of a huge comeback for GameStop? Learn more about the company’s plans here:

UPDATE: GameStop Makes Formal NFT Announcement

The wait for GameStop’s NFT marketplace won’t last much longer.

The video game titan formally announced its plan to enter the metaverse on May 19. See GameStop’s tweet below:

A sneak peak awaits those who check out the official GameStop NFT website. The company is partnering with Immutable X to create an NFT marketplace in hopes of sparking a comeback in the gaming industry.

GameStop Launches Ethereum Wallet

In addition to launching an NFT marketplace, GameStop announced the beta launch of its own Ethereum wallet on Monday, May 23. Users can currently install the wallet as an extension for Google Chrome and Brave, and it will eventually become available as an iPhone app. GameStop’s wallets are non-custodial, reducing the risk of being hacked.

See the official announcement from the video game company here:

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