GameStop is Launching an NFT Marketplace

Video game console and game retailer GameStop has announced it will launch an NFT marketplace before the end of the second fiscal quarter of 2022. The company first announced this initiative in February.

The platform will be based on the second-level Ethereum solution from the Australian startup Immutable. The partners created a joint fund for $100 million in IMX tokens. The structure is intended to allocate grants to developers and content creators in the field of NFT. Immutable will also provide GameStop with up to $150 million in IMX “as milestones are reached.” 

A source close to the company previously told The Wall Street Journal the platform will allow you to buy, sell and trade non-fungible tokens based on in-game items. According to a document filed with the Securities and Exchange Commission:

“As we scale and expand our core offerings, we will simultaneously invest in additional growth, including blockchain, digital assets, including NFTs , Web 3.0 technology and new store formats.”