Video Game Retail Giant GameStop and high-speed-low-cost protocol Immutable X will launch a $100M joint fund for gaming NFTs. Another mega partnership to watch out for this 2022!
This is actually a natural progression for GameStop because it is already the largest platform for trading and buying gaming-related assets. So expanding into gaming NFTs makes sense for the business given the huge commercial success and trading volume it pulled in last year.
GameStop and Immutable’s Gaming NFT Fund
The partners are not just pooling their funds together; they are also combining their technology to build next-level products. Immutable X, a layer-2 scaling platform built on Ethereum, will also be powering GameStop’s highly anticipated NFT marketplace.
Co-founder Robbie Ferguson explained the primary purpose of the partnership. He said, “The $100 million funds are going to be dedicated to everyone. From indie games to AAA publishers who want to come and build on Immutable X and also want to have access to GameStop’s distribution [and] marketplace.”
Immutable X L2 protocol offers gasless trading and minting with a thousand-fold scalability advantage over Ethereum. So Ferguson thinks that it provides the perfect tech to widen the audience of NFTs. He added, “Immutable is not for expensive and luxury JPEGs. What I’m excited about is how we can take NFTs to the masses and actually create better experiences for players.”
The co-founder of Immutable said talks of a partnership with GameStop started over six months ago and that the $100 million capital comes from Immutable’s token funds.
GameStop and Immutable are still on the hunt for projects to invest in. The Sydney-based startup has not officially announced which gaming projects will receive funds. However, Ferguson anticipates them to be “mid-market [gaming] studios” that are “looking to go heavily into NFTs.”
Now we know what GameStop’s Matt Furlong meant with his statements during the earnings call last November 2021. “We believe our emphasis on the long term is positioning us to build what will ultimately become a much larger business.”