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GameStop plans to establish an NFT marketplace and a $100 million fund for game developers that use non-fungible tokens

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 GameStop plans to establish an NFT marketplace and a $100 million fund for game developers that use non-fungible tokens. This will elevate GameStop from a stock often used as a meme, to becoming a company that dabbles in cryptocurrency and Web3 tech.


The platform is supposed to launch later this year, based on the Ethereum cryptocurrency blockchain platform Immutable X. Immutable X is the platform used to launch the GameStop NFT marketplace. Immutable X, developed by Immutable, is intended to mitigate Ethereum’s most significant drawbacks: its vast energy consumption and the high associated “gas fees,” which can be exorbitant when processing a transaction.


By combining hundreds of thousands of transaction records into a single transaction, Immutable writes the transaction to the Ethereum blockchain and promises to offset the environmental impact of its processes.


Immutable is the company behind the NFT trading card game Gods Unchained.


Benefits for immutable X users

With Immutable’s existing partnerships, the new GameStop initiative will get a boost from current Immutable X users who can take advantage of the new marketplace.


Immutable and GameStop also plan on establishing a fund for developers. Other non-gaming partners like TikTok use the Immutable X platform; however, GameStop’s marketplace is pitching itself as a place where gamers can buy and sell various in-game assets, including digital assets property, weapons, and character skins.


GameStop’s latest interests

In its latest job advertisements, GameStop said it is interested in blockchain technology, announcing the need for a “head of Web3 gaming”, and a variety of NFT-related posts.


The NFT is often characterized as a means for proving ownership of items in-game and allows players to trade items outside of an approved market, such as an in-game auction house. Games like Axie Infinity, which uses a “play-to-earn” business model, also use cryptocurrencies and NFTs to run an in-game economy.


Nevertheless, the benefits are sometimes overstated – in particular, claims that they will let players move items between games. This possibility is often tricky and undesirable for a variety of reasons. Rami Ismail, a game developer, summarized some of these difficulties in a Twitter thread.

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