Block-chain start-up Immutable X and GameStop partner for NFT marketplace

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Block-chain start-up Immutable X and GameStop partner for NFT marketplace
Block-chain start-up Immutable X and GameStop partner for NFT marketplace

Used to determine ownership of unique digital or physical items such as art, music or even a tweet, an NFT, or non-fungible token, is a block-chain based technology

On Thursday, GameStop confirmed it plans of launching an NFT marketplace by saying it has partnered with the block-chain start-up Immutable X to develop the project. The NFT marketplace is expected to launch later this year, GameStop said in a release.

Used to determine ownership of unique digital or physical items such as art, music or even a tweet, an NFT, or non-fungible token, is a block-chain based technology. From the NFL to Twitter to Variety, NFTs began popping up everywhere in 2021, and have grown increasingly popular in the realm of art and collectibles, with some NFTs going for hundreds of thousands or even millions of dollars.

To award grants to people making NFTs for the new marketplace, GameStop and the block-chain start-up also plan to launch an up to $100 million fund. The fund will use IMX, a crypto-currency of Immutable. GameStop said people from “gaming studios, web 3.0 and meta-verse gaming developers, and elsewhere,” can request to be creators in the company’s NFT marketplace.

Some video game companies have started looking into integrating NFTs into games. Ubisoft in December introduced NFT weapons and gear to the squad shooter Ghost Recon Breakpoint. But gamers are wary of new methods of monetizing video games, and there are environmental concerns surrounding the technology.

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