GameStop collaborates with Immutable X for NFT Marketplace

The gaming company cited Ethereum Layer 2's "zero gas fees" as a reason for choosing the network.

GameStop collaborates with Immutable X for NFT Marketplace

GameStop announced Thursday that it will partner with Immutable X for the launch of its non-fungible token (NFT) marketplace, which it first announced in a Web 3 job posting last October.

In a press release, the company cited Ethereum Layer 2's "zero gas fees" as a reason for choosing the network.

The retailer plans to offer its marketplace "billions of low-cost, in-game assets that can be bought and sold," specifically mentioning digital real estate and in-game skins.

To help with its backend, the marketplace has partnered with Starkware, a zero-knowledge-proof technology that can combine thousands of Ethereum transactions into a single transaction.

In a bid to avoid the backlash that's become common with mainstream NFT involvement, GameStop has also teamed up with Trace and Cool Effect to offset its remaining carbon footprint.

A $100 million fund has been launched by GameStop and Immutable to support the development of Web 3 games in its ecosystem.

Among the many $100 million-plus gaming funds launched in the last few months, the fund aims to attract game developers and studios. A few others are Gala Games, Mechanism Capital, Solana Ventures, and Hashed.

BITKRAFT Venture and King Rival Capital led a $65 million Series B round of financing last September for Immutable.