The largest video game retailer in the world, GameStop, unveiled a public beta of their NFT (non-fungible token) marketplace on July 11. The gaming-focused decentralized marketplace was built on top of the Ethereum blockchain and processes transactions using the layer 2 scaling solution Loopring. On Monday this week, the GameStop NFT Marketplace went officially live on the blockchain platform ImmutableX.
The interactive NFT products for a number of ImmutableX-based games, including Gods Unchained, Illuvium, and Guild of Guardians, are now accessible through the GameStop shop. This includes tokenized, exchangeable goods like digital trading cards and customizable land plots, among others.
ImmutableX is based on Ethereum, the most popular platform for decentralized applications. By shifting transactions to a second-layer blockchain, ImmutableX, in contrast to Ethereum, allows quicker and less expensive game, app, and NFT interactions. According to its developers, the layer-2 scaling network ImmutableX can enable 100% gas-free and carbon-neutral minting and trading on the GameStop NFT marketplace, making it a desirable option for new users of Web3 gaming.
The release of GameStop NFT Marketplace falls on scheduled deadlines. In a prior statement, the company projected that the marketplace would be released to the market by the end of the second quarter of the next fiscal year.
Over the past year, GameStop has strived to expand its array of Web3 integrations. In February, the company initially disclosed its collaboration with ImmutableX. The companies announced a $100 million token incentive fund for Web3 game producers and GameStop’s participation in a $500 million fund, including investment and grants for NFT and ImmutableX game developers. Next, GameStop debuted its non-custodial cryptocurrency and NFT wallet in May. The non-custodial cryptocurrency wallet allows customers to store, transmit, and receive cryptocurrency and NFTs. The marketplace is also compatible with other non-custodial wallets like WalletConnect and MetaMask.
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The retailer made $7.2 million in sales within the first week of its beta marketplace debut in July after partnering with Loopring to handle transactions. In its most recent venture, the company disclosed plans for a forthcoming collaboration with cryptocurrency exchange FTX.