Video game retail giant GameStop is launching its own NFT marketplace in partnership with Immutable X, a developer of the Layer 2 Ethernet network. GameStop made the announcement on Thursday, February 3, and also revealed a timeline for a release later this year. In addition, both GameStop and Immutable X have also established $100 million in grant funds to support developers. These developers are also looking to launch their own game NFT projects in the marketplace.
Under the agreement, the grant fund is denominated in IMX tokens from Immutable X – a total of 56,209,850 tokens. Given the spike in IMX prices over the past few days, the current value is $200 million. However, the fund is reportedly capped at $100 million.
In addition, Immutable X will provide $150 million in IMX tokens to GameStop to achieve certain milestones, including the launch of the NFT market. These milestones also include $1.5 billion in sales and $3 billion in Immutable X sales over a defined timeframe.
Immutable X is a Layer 2 network on the Ethernet blockchain that caters specifically to NFT. Built using StarkWare's ZK-rollup technology, Immutable X promises "instant transaction confirmation, massive scalability, and zero fuel costs".