GameStop Confirms Plans For NFT Marketplace, Announces $100 Million Fund With Immutable X

GameStop has teamed up with Immutable X for its NFT platform and fund.

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While many companies in the gaming space are shifting away from NFTs, GameStop is pushing further into the space with its latest big deal. The company on Thursday announced a partnership with Australian crypto company Immutable to create a $100 million fund in Immutable's IMX tokens.

GameStop and Immutable will use these funds to create grants to give to creators of NFT content and technology. The retailer also mentioned that Immutable will partner with GameStop on its own NFT marketplace that should launch later in 2022.

Additionally, Immutable will give GameStop up to $150 million worth of IMX tokens if the company is able to reach "certain milestones."

Those interested in apply for a GameStop/Immutable NFT grant can do so here on GameStop's website.

Immutable X bills itself as the first layer-2 for NFTs on Ethereum. "Experience zero gas fees, instant trades, and carbon neutral NFTs for marketplaces, games, and applications without compromise," the company says. Immutable is also the developer of the digital card game Gods Unchained, which uses the "play-to-earn" model whereby players can sell their digital goods.

Just this week, Worms developer Team17 backtracked on its NFTs plans after a public backlash, while the developer of Overcooked said its games will never use NFTs. Electronic Arts CEO Andrew Wilson also discussed NFTs this week, saying "right now it's not something that we're driving hard on." Voice actor Troy Baker also canceled his plans to work with an NFT company.

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