GameStop Partners With Immutable X to Launch NFT Marketplace

Video game retailer GameStop is partnering with Ethereum Layer 2 network developer Immutable X to launch its non-fungible token (NFT) marketplace later this year. The two companies have also set up a $100 million grant fund to support developers who will launch their gaming NFT projects on the marketplace. The grant fund is denominated in Immutable X’s IMX tokens, precisely 56,209,850 tokens worth over $200 million at current prices as the token price has shot up over the last few days. But the fund was capped at $100 million. Commenting on the $100 million grant fund, Gamestop said: “We seek to fund game changers. We are calling on builders and creators to power the future of Web3 gaming. Apply for grant consideration. The partnership establishes an up to $100 million fund in Immutable X’s IMX tokens, which the parties intend to use for grants to creators of non-fungible token content and technology.” “Immutable X will also become a layer-2 partner and platform for Gamestop and the company’s NFT marketplace that is expected to launch later this year. In addition, the terms provide for Immutable X providing up to approximately $150 million in IMX tokens to Gamestop upon the achievement of certain milestones,” GameStop added. ImmutableX is the Creator Behind Well-Known Projects Immutable X works on top of the Ethereum blockchain and is designed specifically for NFT-based video game projects. It inherits the security of the Ethe...