GameStop plans to create an NFT marketplace and $ 100 million fund for game makers that use unchangeable symbols. This will elevate GameStop from a stock that is often used as a meme, to becoming a company engaged in cryptocurrency and Web3 technology.
The platform will be launched later this year, based on the Ethereum cryptocurrency blockchain platform Immutable X. Immutable X is the platform used to launch the GameStop NFT marketplace. Immutable X, developed by Immutable, is designed to reduce Ethereum’s most important disadvantages: excessive energy consumption and associated associated “gas charges” that can be disproportionate when trading.
By merging hundreds of thousands of business records into a single transaction, Immutable writes the transaction to the Ethereum blockchain and promises to offset the environmental impact of its processes.
Immutable is the company behind the NFT business card game Gods Unchained.
Benefits for fixed X users
With Immutable’s current partnership, the new GameStop initiative will receive a boost from existing Immutable X users who can take advantage of the new market.
Immutable and GameStop also plan to set up a fund for developers. Other non-game partners like TikTok use the Immutable X platform; However, the GameStop Marketplace is emerging as a place where players can buy and sell various assets in the game, including digital assets, weapons and character skins.
GameStop’s latest hobby
In its latest job advertisement, GameStop said it was interested in blockchain technology and announced the need for a “director of Web3 gaming” and a variety of NFT-related transactions.
NFT is often characterized as a way of proving ownership of items in the game and allows players to trade in items outside of an approved market, such as an auction house in the game. Games like Axie Infinity, which uses the “play to earn” business model, also use cryptocurrencies and NFTs to run the game’s economy.
Nevertheless, the benefits are sometimes overestimated – especially claims that they will allow players to move things between games. This possibility is often difficult and undesirable for various reasons. Rami Ismail, game producer, summed up some of these difficulties on a Twitter thread.
Despite criticism, some companies, including Ubisoft, have continued to develop NFT games, while others have abandoned plans to use NFT in games such as STALKER 2 and Worms. Part of the reason for this phenomenon is criticism from gamers, but developers have not been enthusiastic about it either – and reacted overwhelmingly negatively to a recent survey at the Game Design Conference. GameStop could prevent backlash from publishers and studios from plaguing NFTs by working with blockchain-native games.
How has the GameStop NFT market affected the industry?
GameStop is not the first video game company to enter the NFT space. However, having such large retailers come out to support NFTs will likely encourage video game publishers to get involved. Ubisoft’s assassin’s Creed publisher has already unveiled its new platform, Quartz, but has received some reaction from fans. In the shooting game Ghost Recon Breakpoint, players will be able to exchange skins, weapons and other items with other players using Quartz and its NFT, called Digits.
In addition, Square Enix is exploring the possibility of creating an NFT platform; developers believe that blockchains and NFTs will be a bright future for video games. Bored Ape member Jace Kay identified NFT video games as the main NFT strategy to watch in 2022, according to Creative Bloq. And GameStop seems to keep it, too.
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