Gamestop is entering the NFT market launching its own NFT Marketplace

Gamestop is decided to jump into NFT (non-fungible token) industry on Thursday, the company has announced a partnership with Ethereum Layer 2 network developer Immutable X to launch its own NFT exchange (Marketplace) at a time when many other gaming companies taking a step away from NFT the Giant GameStop is entering into NFT market. Under the agreement, GameStop will use Immutable’s technology for an NFT exchange, which it plans to launch on the Ethereum blockchain by the end of the year.

Gamestop is entering the NFT market launching its own NFT Marketplace
Photo Credit:- Twitter/ Immutable X

Gamestop has already shown us some interest in blockchain last year the company did advertising for a “head of Web3 gaming” as well as a variety of NFT-based jobs. NFT as a way to prove ownership of digital assets images and videos. same like it NFT can be used as an in-game purchase to show ownership of a particle in-game purchase. A Smart way to earn money which GameStop will do sooner. Some “play-to-earn” games like Axie Infinity also use cryptocurrency and NFTs as an in-game economy that gives real money to players.

(Bloomberg) — GameStop Corp. is teaming up with Sydney-based Immutable on a new marketplace for non-fungible tokens and setting up a fund valued at about $100 million to promote NFT projects.

GameStop and Immutable will utilize the funds to develop grants for creators of NFT content and technology, according to the press statement announcing the agreement. Immutable will collaborate with GameStop on its own NFT marketplace, which will launch later in 2022, according to the company. In addition, if GameStop achieves “certain milestones,” Immutable will grant the company up to $150 million (approximately Rs. 1,120 crores) in IMX tokens.

Some video game firms have begun to investigate the possibility of using NFTs in their games. In December, Ubisoft added NFT guns and armour to Ghost Recon Breakpoint, a squad shooter. However, gamers are wary of new means of selling video games, and the technology raises environmental issues.