GameStop to Start its very own NFT marketplace
GameStop is planning to launch its own market that will accept non-fungible tokens (or NFTs) and is working with other companies to create the “up to 100 million” money fund for game designers who utilize NFTs. The market will be a sign of GameStop’s transformation from a brand of memes to one which is a bit of a cryptocurrency player and Web3 technology, but it might also attract the fury of those gamers who are against NFTs.The brand new GameStop NFT marketplace is expected to go live later in the year.
This is built using Immutable X, a platform that is based on the wildly popular Ethereum blockchain. Created by Immutable the company behind its NFT trade card game Gods Unchained, Immutable X is designed to address one of the major disadvantages of Ethereum which is its huge energy consumption, as well as its associated “gas costs,” which can increase the processing charges to transactions. The protocol blends many thousands of sales records into one transaction that is then transferred into the Ethereum blockchain.
Immutable promises to pay for the environmental cost it incurs by reimbursing carbon offsets. Immutable’s partnerships with existing partners are intended to give the GameStop initiative an edge since companies already using Immutable X are now able to display their NFTs on the market. Immutable and GameStop also have a partnership to establish a Fund for Developers. In contrast, Immutable X is used by other non-gaming partners, such as TikTok GameStop’s marketplace is advertised as a platform to purchase and sell game assets, which are represented in blockchain tokens. GameStop provides examples of digital weapons, real estate, and skins for characters.
GameStop has previously expressed interest in blockchain technology earlier this year, announcing a “head of Web3 gaming” and various NFT-related jobs. NFTs are frequently described as a method to prove ownership over in-game objects, and also allow players to trade items without the approved market, like an auction house in-game.
There are some “play-to-earn” games such as Axie Infinity are also use NFTs and cryptocurrency to operate an in-game economy which can be translated into real cash in the hands of players. However, their advantages are often overhyped, particularly the claim that they allow players to transfer objects from one game to another, which can be not always feasible and is often unsuitable due to a variety of other reasons.
Certain companies, like Ubisoft, have made strides in the field of NFT gaming despite the criticism while others have pulled out of plans for NFTs involving games such as S.T.A.L.K.E.R. 2. Worms. The reason for this is critiques from players, as well as a lack of enthusiasm from developers who have responded in an overwhelmingly negative way to the issue in a recent poll. However, launching with buy-ins using blockchain-based games could assist GameStop to avoid the negative reaction that has been triggered by studios and publishers who have delved into NFTs.
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