GameStop Launched its GameStop's NFT Marketplace on Immutable X After Public Beta Run
After the announcement, the GameStop NFT marketplace has seen an increase of 20% in trader volume. The platform has yet to secure a significant share of the NFT market, however. In addition, it's not clear if the NFT tokens are collectibles, speculative assets, or simply a community of users.
In a recent press release, the game retailer announced that it will add support for the ImmutableX blockchain, a project that will include Web3 games and the NFT tokens used to create these products. Initially, it will feature assets such as tokenized lands, customizable land plots, and digital trading cards. In return, GameStop will give its investors a portion of their daily trading volume in Immutable tokens, and will offer rewards for staking.
The GameStop NFT marketplace is a major milestone in the company's journey toward true ownership of its assets. The platform has already been in a public beta since July, but it's finally live. It offers gamers access to web3 games such as Gods Unchained, Guild of Guardians, and Illuvium, as well as other NFT gaming assets. The marketplace will also allow gamers to connect their crypto wallets with their games, enabling them to trade for real cash.
This partnership will make gaming interactions easier, cheaper, and safer. It will also enable carbon neutral minting and gas-free trading, as well as provide education for new web3 gamers. GameStop has been developing various integrations with the Web3 ecosystem over the last year. In May, it launched its own self-custodial crypto wallet, partnered with Loopring to process trades on the beta marketplace launch, and announced a potential partnership with FTX.
GameStop has also launched its NFT marketplace on ImmutableX, a layer-two Ethereum-based blockchain platform. The marketplace will allow users to buy in-game NFT assets from games like Guild of Guardians and Gods Unchained, as well as digital trading cards. Furthermore, users will be able to trade in virtual land and customize their character's avatar.
ImmutableX's 4-hour chart is starting to turn bearish, and the digital currency has been underperforming the crypto market for the past 24 hours. The MACD line is in the negative zone, while the 14-day RSI is in the oversold region. ImmutableX's first major support level is at $0.5295.