Video gaming retail giant GameStop is partnering with Ethereum Layer 2 network developer Immutable X to launch its own NFT marketplace. GameStop announced on Thursday, February 3rd, also revealing the timeline for the launch later in the year. In addition, both GameStop and Immutable X have also established a $100 million grant fund to support developers. These developers are those who are also looking to launch their own gaming NFT projects on the marketplace.
Pursuant to the agreement, the grant fund is denominated in Immutable X’s IMX tokens – numbering 56,209,850 tokens in all. The current value is $200 million, given that the IMX price spiked over the last few days. However, according to reports, the fund has a $100 million cap.
In addition, Immutable X will also provide $150 million in IMX tokens to GameStop for achieving certain milestones, including the NFT marketplace launch. The milestones also include $1.5 billion in sales volume and $3 billion in Immutable X sales volume within a stated time frame.
Immutable X is a Layer 2 network on the Ethereum blockchain that specifically caters to NFTs. Built using StarkWare’s ZK-rollup technology, Immutable X promises “instant trade confirmation, massive scalability, and zero gas fees.”
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
