GameStop and Immutable’s Gaming NFT Fund
The partners are not just pooling their funds together; they are also combining their technology to build next-level products. Immutable X, a layer-2 scaling platform built on Ethereum, will also be powering GameStop’s highly anticipated NFT marketplace.
Co-founder Robbie Ferguson explained the primary purpose of the partnership. He said, “The $100 million funds are going to be dedicated to everyone. From indie games to AAA publishers who want to come and build on Immutable X and also want to have access to GameStop’s distribution [and] marketplace.” In addition, it will be used to support NFT content creators from gaming studios, Web3 and metaverse gaming.
Immutable X L2 protocol offers gasless trading and minting with a thousand-fold scalability advantage over Ethereum. So Ferguson thinks that it provides the perfect tech to widen the audience of NFTs. He added, “Immutable is not for expensive and luxury JPEGs. What I’m excited about is how we can take NFTs to the masses and actually create better experiences for players.”
The co-founder of Immutable said talks of a partnership with GameStop started over six months ago and that the $100 million capital comes from Immutable’s token funds.
What’s Next?
GameStop and Immutable are still on the hunt for projects to invest in. The Sydney-based startup has not officially announced which gaming projects will receive funds. However, Ferguson anticipates them to be “mid-market [gaming] studios” that are “looking to go heavily into NFTs.”
Now we know what GameStop’s Matt Furlong meant with his statements during the earnings call last November 2021. “We believe our emphasis on the long term is positioning us to build what will ultimately become a much larger business.”
About the Partners
Sydney, Australia-based Immutable raised $60 million in its last round of funding led by BITKRAFT Venture and King Rival Capital in September. Meanwhile, Immutable is the developer of leading NFT games Gods Unchained and Guild of Guardians. So both partners are entering this deal from a position of strength.
To top it all off, the response of the market to GameStop’s move to launch an NFT Marketplace is very encouraging. After the big announcement, GameStop stock shares have increased over 30%, reminding the world of its outstanding growth recorded back in January 2021.
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