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GameStop launches its NFT marketplace

GameStop will launch its own marketplace for nonfungible tokens (or “NFTs”) and co-create a fund of up to $100 millions for game developers who use it. This marketplace will be GameStop’s move from being a meme stock to a company that specializes in cryptocurrency and Web3 technology — though it could also cause the fury of gamers who strongly oppose NFTs.

The GameStop NFT marketplace will launch in the latter part of this year. It is built on Immutable X which is a platform based upon the popular Ethereum cryptocurrency blockchain. Immutable X was designed by Immutable, which is the company behind NFT trading card game Gods Unchained. It is meant to address the major drawbacks to Ethereum’s massive energy consumption and high “gas fees,” which can increase transaction costs. This protocol merges hundreds of thousands of sales records into one transaction that is written to the Ethereum blockchain. Immutable promises to offset any environmental costs.

Immutable’s partnerships with existing partners are expected to boost the new GameStop initiative. Companies that use Immutable X already will be able display their NFTs on Immutable X. Immutable and GameStop have also partnered to create the developer fund. Immutable X can be used by other non-gaming partners such as TikTok. GameStop’s marketplace allows you to sell and buy in-game assets as blockchain tokens. GameStop has examples of digital real property, weapons and skins.

GameStop had previously expressed interest in blockchain technology last year. They advertised for a “head Web3 gaming” and a range of NFT-based jobs. NFTs can be used to verify ownership of in-game objects and allow players to trade them outside of an approved marketplace, such as an in-game auctionhouse. Axie Infinity, a “play-to earn” game, uses NFTs and cryptocurrency to manage an in-game economy which translates into real money. However, their benefits can sometimes be overhyped. For example, claims that they allow players to carry items between games are difficult and often unfeasible.

Ubisoft is one of the companies that has continued to embrace NFT gaming despite criticism. However, other companies have cancelled plans for NFTs related to games such as S.T.A.L.K.E.R. 2 and Worms. This is partly due to players’ criticisms, but also because developers have not responded enthusiastically to the phenomenon in a recent poll. GameStop could avoid the negative reaction that has followed studios and publishers’ explorations into NFTs by launching with blockchain-native game buy-in.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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