GameStop (NYSE: GME) recently announced its collaboration with blockchain start-up Immutable X create its own non-fungible token (NFT) marketplace set to launch later on in the year.
Immutable X, created by Immutable (the company that designed the NFT trading card game Gods Unchained), intends to address a major concern that comes along with Ethereum blockchains: large amounts of energy depletion and "gas fees," which could potentially add high processing fees to possible transactions. Immutable has made the guarantee that it will account for any environmental fees that it does bring about by purchasing carbon offsets.
In addition to the development of this partnership, both GameStop and Immutable X have come out with a fund that is worth about $100 million while using Immutable X's IMX tokens, which have been brought about in order to aid NFT content creators that comes from gaming studios, "Web3," and metaverse gaming.
Despite the fact that some people view NFTs as the new way of the future, especially from an online perspective, other people have difficulty with understanding the significance of NFTs, particularly because cannot be tangibly touched or physically seen. These varying opinions do not take away from the importance of NFTs, however.
Presently, Immutable's partnerships are intended to provide GameStop some extra attention, given that other companies that are already utilizing Immutable X will have the capability of featuring NFTs on the marketplace.
Previously, GameStop has also expressed interest in blockchain technology, particularly over the past year or so, commercializing its "head of Web3 gaming," in addition to various NFT-based jobs. Typically, NFTs are utilized for the purpose of demonstrating true ownership of in-game products, and exist in order to allow players to trade various products.
The collaboration between GameStop and Immutable X will surely bring about an aspect to GameStop that had not been previously tapped into.