Today, video game retailer GameStop announced that it added support for Non-Fungible Tokens(NFTs) minted via the Ethereum layer-2 scaling network Immutable X to its marketplace. That means users can buy and sell assets from Web3 games through the platform.
Immutable X-based games like Illuvium, Guild of Guardians, and Gods Unchained already have their respective interactive NFTs items on the GameStop marketplace.
They include tokenized and tradeable items like customizable land, and digital trading cards, among others. GameStop started its NFT marketplace in July. At the time, it only offered collectibles and digital artwork.
Before the launch, the company had announced in February its partnership deal with immutable X. Since then, Participants in the Web3 space have been curious about when the firms would bring together NFTs from interactive games but won’t have to wait any longer.
Why Immutable X is Considered a Game Changer in Web3 Space
Immutable X got built on top of the leading platform for decentralized apps, Ethereum. While most transactions on Ethereum’s mainnet need hefty gas fees and are sometimes slow depending on network traffic, Immutable X facilitates cheaper and faster games and NFT interactions through offloading transactions to a second-layer chain.
Immutable, the platform’s parent company, got a massive financial boost a few months ago. Investors like Animoca Brands and Tencent are betting heavily on Immutable’s vision to revolutionize Web3 gaming.
The two investors participated in the Series C funding round in March, where nearly $200 million got raised, putting Immutable value at $2.4 billion.
GameStop Offers Incentives to Attract NFT Traders
As of today, the GameStop marketplace has completed beta testing. GameStop is giving some incentives to attract traders to its NFT platform. The marketplace offers users about 1% of their daily trade volume in Immutable’s IMX token.
Also, it is giving rewards for staking tokens and has set the marketplace fee to 0.2% for an unknown period. Despite the incentives, data from DappRadar shows that GameStop NFT has only recorded nearly $30 million in total volume from about 23,900 traders ahead of today’s Immutable X launch.
Perhaps adding Web3 games to the marketplace will boost its trading volume. Additionally, GameStop NFT has seen more trading activity than its close rival Coinbase NFT.