After a month of industry speculation, GameStop is confirming its intention to launch a digital marketplace for non-fungible tokens (NFTs).
As reported by the Wall Street Journal in early January 2021, the specialty video game retailer is planning to create a marketplace for NFTs. NFTs are unique digital assets stored on a blockchain ledger that certifies the owner. There is no way for an NFT to have more than one owner, and only the certified owner can sell it.
GameStop will use the Immutable X liquidity platform to launch its NFT marketplace. By building on the Immutable X protocol, which is based on the Ethereum open-source blockchain protocol, the retailer intends to enable faster, more affordable, carbon-neutral, and nearly limitless transactions on its NFT marketplace, which is being built for launching gaming developer-focused NFT projects.
Immutable and GameStop are also creating an up to $100M fund dedicated to providing grants to game developers and studios to build on Immutable X and the retailer’s NFT marketplace. The GameStop NFT marketplace will create opportunities for developers to create in-game, carbon-neutral economies in which gamers can buy, sell and trade in-game assets (such as digital real estate, swords, and skins).
