The non-fungible token (NFT) market at GameStop is no longer in beta testing. Now, NFTs created through the Ethereum Layer-2 scaling network Immutable X can be added to the NFT marketplace. This means that Web3 gaming assets can be traded on the platform.
Illuvium, Gods Unchained, and Guild of Guardians are just a few of the Immutable X-based games that can be found in the GameStop marketplace right now. On the marketplace, you can also trade tokenized, tradeable items like digital trading cards and land plots that you can change how they look.
GameStop said that traders will get back 1% of their daily trade volume in Immutable’s IMX token, as well as staking rewards, as a way to encourage them to use the platform. Also, its market fee is only 0.2% for now.
In February of this year, GameStop declared a collaboration with Immutable X and a $100 million incentive fund for Web3 game developers.
Immutable X is a blockchain that was developed over the Ethereum network. It enables quicker and more affordable game, app, and NFT interactions. Immutable, the company behind Immutable X, attained unicorn status in 2017 after recruiting investors such as Animoca Brands and Tencent. The company was valued at $2.5 billion in March after receiving a total of $200 million in Series C funding.
Although its advancements in Web3, GameStop’s total trading volume is well behind the leading NFT marketplace OpenSea. According to DappRadar, GameStop had a total trading volume of approximately $29 million from 24,000 traders prior to the debut of Immutable X. OpenSea achieved $309 million in trade activity for the month of October alone.
GameStop Enjoys a Prominent Year in Web3
Fans of GameStop and gamers are excited that GameStop has decided to support Immutable X and gaming assets on its marketplace. But that’s not the only thing GameStop has done this year in Web3. At Rarity Sniper, we’ve written a number of stories about the games distributor’s return in Web3. Here are a few of our most popular stories.
First, GameStop opened its Web3 Ethereum wallet about five months ago. This wallet lets users store, send, and receive crypto and NFTs. The wallet works with GameStop’s NFT marketplace and doesn’t hold users’ private keys, which means users have control over them.
Next, GameStop officially opened its GameStop NFT market on Ethereum and Loopring about four months ago. Just like its wallet, the market doesn’t have control over it. The first version of the public beta of the marketplace had NFT artwork, but no gaming NFTs.
Last but not least, GameStop worked with Immutable Games Studio to add NFT trading cards to “Gods Unchained,” a blockchain-based game. The NFT cards were made available as a perk for members of GameStop’s loyalty program.
GameStop is without a doubt rebranding itself as a Web3 gaming platform and NFT market. Though the decision to introduce Immutable X gaming NFTs on its marketplace was anticipated, the news demonstrates the company’s ability to fulfill its commitments. We will keep our ears to the ground for any additional GameStop Web3-related news.