American video game giant GameStop has confirmed its foray into the NFT ecosystem after announcing a partnership with Immutable X, a layer 2 protocol specializing in NFTs. The two companies have teamed up to launch a new NFT marketplace, which is expected to kickstart later this year.
In addition, GameStop is also launching a $100 million fund dedicated to supporting NFT content creators who are particularly interested in Web3 and metaverse gaming. The grant program will be denominated in IMX tokens, the native currency of Immutable X.
Immutable X, a layer 2 chain built on top of Ethereum blockchain, was launched by Australia-based game team Immutable, the company behind the popular NFT trading card game Gods Unchained.
Immutable X is designed to mitigate the risks and demerits of the Ethereum blockchain, including its high gas fees and hefty energy consumption. This was one of the prime reasons given by GameStop for tapping the protocol.
Moreover, the layer 2 protocol has claimed that the NFT marketplace will be 100% carbon neutral with no gas fees. Immutable X will combine many NFT sales into a single Ethereum transaction and buy carbon offsets (a way to compensate carbon footprints by paying someone else to balance out carbon emissions elsewhere).
“GameStop, in partnership with Immutable, has the potential to cement itself as the ultimate destination for the next paradigm of gaming; true in-game economies that enable permissionless ownership of in-game items and value players for their time,” said Robbie Ferguson, co-founder of Immutable, in a statement.