GameStop’s NFT marketplace is powered by Immutable X, a layer-two scaling solution for NFTs on Ethereum.
The video game store industry is declining, but it is poised to become a major player in the NFT gaming industry, competing with crypto-native gaming NFT platforms such as Fractal, founded by Twitch’s Justin Kan.
The GameStop marketplace will include assets for Immutable X games like Gods Unchained, Guild of Guardians, and Illuvium, as well as other web3 games.
In addition, the company stated that using Immutable X’s Ethereum scaling, all transactions will be fee-free and offer carbon-neutral minting.
In February, Immutable, the company behind Immutable X, collaborated with GameStop to launch a new gaming-focused NFT marketplace. In March of this year, Immutable was valued at $2.5 billion.
According to the company’s earnings report, GameStop earned $1.1 billion in the second quarter, a 3.4% decrease from the previous quarter.
Other strategic web3 moves this year include a collaboration with the crypto exchange FTX US last month to provide GameStop users with access to FTX’s digital asset marketplace.