Gamestop Partners with immutable X and launches $100M NFT Fund

Gamestop, a giant video game retail, revealed its partnership with Immutable X today; nine months after the video game retailer showed interest in the NFT world.

The partnership comes after rumors of Gamestop working on a possible NFT marketplace with speculations being that it was going to build the marketplace on Ethereum. And although it has not settled on the Ethereum blockchain itself, the video game retailer has gone for an Ethereum-based layer 2 project – Immutable X.

In September last year, Immutable X had also announced some form of working relationship with the social media company, Tiktok.

Immutable X users confess that the layer 2 solution offers instant trades, zero gas fees, games, zero compromise applications, and carbon-neutral NFTs for marketplaces.

$100 million NFT fund

After announcing the partnership, the two, the Sydney-based, immutable X, and Gamestop, also announced that they shall be launching a $100 million NFT fund for use by creators as grants.

Gamestop said:

“We seek to fund game-changers; we are calling on builders and creators to power the future of Web3 gaming. Apply for grant consideration… The partnership establishes an up to $100 million fund in Immutable X’s IMX tokens, which the parties intend to use for grants to creators of non-fungible token (“NFT”) content and technology.”

On its side, Immutable X said:

“Immutable X will also become a layer-2 partner and platform for Gamestop and the company’s NFT marketplace that is expected to launch later this year. In addition, the terms provide for Immutable X providing up to approximately $150 million in IMX tokens to Gamestop upon the achievement of certain milestones.”