GameStop faucets Immutable X for NFT market

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(Reuters) – GameStop Corp is partnering with blockchain startup Immutable X to launch its non-fungible token (NFT) market later this 12 months, because it seems to benefit from the booming market and complement its digital pivot into e-commerce.



FILE PHOTO: FILE PHOTO: A GameStop Inc. store is shown in Encinitas, California


© Reuters/MIKE BLAKE
FILE PHOTO: FILE PHOTO: A GameStop Inc. retailer is proven in Encinitas, California

The businesses additionally introduced a fund price $100 million, in Immutable X’s IMX tokens, devoted to supporting creators of NFT content material from gaming studios, “Web3” and metaverse gaming.

The marketplace for NFTs hit almost $25 billion in gross sales in 2021, in comparison with simply $94.9 million the 12 months earlier than, because the speculative crypto asset exploded in reputation, knowledge from market tracker DappRadar confirmed.

Whereas some see NFTs as the way forward for possession within the on-line world, and shopping for NFTs as a vote of confidence within the improvement of “Web3” or the metaverse, others are baffled as to why a lot cash is being spent on gadgets which don’t bodily exist.

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NFT gross sales lengthen to artwork, sports activities collectibles, and music.

Sydney, Australia-based Immutable raised $60 million in its final spherical of funding led by BITKRAFT Enterprise and King Rival Capital in September. Immutable is the developer of NFT video games Gods Unchained and Guild of Guardians.

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Immutable has created Immutable X, a Layer-2 scalability protocol for NFTs on Ethereum, the second-largest blockchain community. This implies it allows transactions at a a lot sooner price in comparison with Ethereum, requires low computing energy and has decrease environmental influence.

Immutable X will even change into a layer-2 associate and platform for GameStop.

(Reporting by Eva Mathews in Bengaluru; Modifying by Shinjini Ganguli)