GameStop taps Immutable X for NFT marketplace -Breaking
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© Reuters. FILEPHOTO: This is a GameStop Inc. store in Encinitas California on May 24, 2017. REUTERS/Mike Blake/File photo/File photo/File photograph(Reuters) – GameStop Corp (NYSE:) has partnered with Immutable X, a blockchain startup, to launch the marketplace for its non-fungible tokens (NFT), later in 2018. This partnership will allow it to capitalize on the booming market to complement its digital shift into ecommerce.
A fund of $100 million was also announced by the companies in Immutable X’s IMX coins. It is dedicated to supporting NFT creators from metaverse and gaming studios.
According to market tracker DappRadar, the market for NFTs grew by nearly $22.5 billion last year, up from $94.9 million in the previous year.
NFTs are seen by some as the future in online ownership. Some view NFTs buying as a vote for confidence in Web3 or the metaverse’s development. However, other people find it difficult to believe that so much money can be spent on products which don’t physically exist.
NFT sales also include art, collectibles from sports, and music.
Immutable in Sydney, Australia raised $60 Million in the September round of its final funding. It was led by King Rival Capital and BITKRAFT venture. Immutable develops NFT games Gods Unchained, Guild of Guardians and Guild of Guardians.
Immutable created Immutable X to facilitate NFTs using, which is the second largest blockchain network. It enables transactions much quicker than Ethereum and requires less computing power.
Immutable X also will be a GameStop Layer-2 Partner and Platform.
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