Immutable and GameStop to Launch an NFT Marketplace, $100M fund; IMX & GME Rise

Gaming NFT Non-fungible tokens

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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June 26, 2023 06:58 EDT

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Australia-based Immutable has announced that its layer 2 (L2) scaling protocol for Ethereum (ETH) and non-fungible tokens (NFTs), Immutable X, has partnered with the US-based videogame retailer GameStop (GME) to launch an NFT marketplace.

The new marketplace will be fully carbon neutral, said the Immutable team, and will come with no gas fees.

Immutable called this “another leap forward in the gaming & blockchain industry,” stating that other NFT projects will be able to access more liquidity and gaming content.

Following the news, GME jumped over 2% today to USD 102.6. Furthermore, the price of Immutable X’s native token IMX rallied 38% today, by the time of writing (15:08 UTC), currently trading at USD 4. The coin also appreciated 36% over the last seven days.

Furthermore, GameStop and Immutable said they will launch a $100m IMX pool. The partners plan to use the pool “for grants to creators of NFT content and technology, enabling creators to leverage all the benefits the leading L2 Ethereum brings at Immutable X,” said the team.

Layer 1 (L1) is the Ethereum blockchain itself, while L2 encompasses projects built on top of it.

VentureBeat opined, however, that by launching this platform, GameStop “runs the risk of angering hardcore gamers and some game developers who have expressed their displeasure (to put it mildly) on social media that NFTs are either deceptive or a cash grab.”

That said, many investors who pushed the company’s stock price during one of the most (in)famous meme manias might also be the same individuals who support the NFT industry.

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Learn more:
– How to Use Layer-2 Solutions to Save on Ethereum Fees: Immutable X
– GameStop Makes Its NFT Move Official – and Will Likely Use Ethereum

– NFTs in 2022: From Word of the Year to Mainstream Adoption & New Use Cases
– Blockchain Gaming Adoption Jumps, But Regulation & Education Obstacles Are High – Survey

– Play-to-Earn Gaming is Booming: From Axies to Lightnite, Here’s What’s Out There
–  Crypto-Gaming Is Exploding Into the Playful Future