Connect with us

Search

NFTs

GameStop Gives Confirmation Regarding its NFT Marketplace Endeavor

Both GameStop and Immutable X are working on setting up a $100 million fund with the hopes of enticing developers.

gamestop

Reports have been heavily suggesting that GameStop was in fact getting into the NFT space. Now, after months of said reports, the news has been officially confirmed. The company has partnered up with Immutable X in order to build an NFT marketplace, and their expected timeline to launch is, later on, this year.

Per a report from The Verge, People will be able to trade (buy and sell) NFTs linked to digital assets for use in a variety of games. Among these items will be included things like virtual real estate, character skins, and weapons.

Immutable X is based on the Ethereum blockchain. That requires a pretty huge sum of energy consumption, resulting in high gas fees as well (a crypto payment needed to complete an Ethereum based transaction.) The platform has made claims to considerably lessen these drawbacks by merging many NFT sales into on single Ethereum transaction and buying carbon offsets. Given that, Immutable X, whose partners include some blockchain games as well as TikTok, promises absolutely ZERO gas fees and carbon-neutral NFTs.

Together, both GameStop and Immutable X hope to draw game developers into using the marketplace with the help of a $100 million fund. Now, whether or not they end up doing so, is yet to be seen at the moment.

During its annual State of the Game Industry Survey, the Game Developers Conference managed to poll more than 2,700 devs. The result of the polling reported that 70% of them and their studios were not in fact interested in NFTs, whereas 72% had no interest in packing them into their games, leaving about 28% that was at least somewhat open to the idea of NFTs.

During the course of the last couple of months, a few studios and publishers as well as industry figures have dipped into the NFT space, so to speak, announcing their NFT projects. Of course, some of them ended up abandoning ship when met with considerable backlash from the communities. An example of that would be the developer behind S.T.A.L.K.E.R.2, GSC Game World, and Publisher Team17, too.

Even veteran voice actor Troy Baker backed out of his NFT project.

Ubisoft also ventured into NFTs for Ghost Recon: Wildlands in December, but sales have been low as they’ve faced some backlash. A Ubisoft executive argued just last week that for gamers, being able to sell virtual items to others is “really beneficial. But they don’t get it for now.”

As for how GameStop’s new NFT project will fair, it’s too soon to say, but time will most certainly tell.

Advertisement

Trending Articles

Advertisement

TRENDING ARTICLES

NFTs

The NFT trading cards will feature famous wrestlers and the most talked about moments in WWE NFT history.

News

The U.S. Department of Justice has prosecuted 2 individuals that are reportedly behind the Frosties NFT scam.

News

Katy Perry's new NFT from "The Witness Dice Collection" is the "Actual Golden Die Prop from The Witness Tour".

Decrypted with Kat Siggers

Listen to our interview with NFT artist, actor, host and so much more, Katie Chonacas.

Blockwatch is a news and information site on crypto, digital assets, NFTs, crypto investing, and the future of money. Blockwatch is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Blockwatch is an independent operating subsidiary of Ubiquitous, Inc, which invests in cryptocurrencies and blockchain startups.

Copyright © 2022 Blockwatch™ Media, Inc. Blockwatch™ Media is a Ubiquitous company. All rights reserved.