GameStop announces further NFT updates with Immutable X

GameStop announced its first crypto/web3-based venture back in February of this year, along with rising star Immutable X which has since appeared alongside other web2 gaming companies as well.

Almost 9 months later and we’ve received further updates for this teased venture will feature NFTs, games and more more for the fans. NFTs and games built with Immutable X will be featured on the platform, bringing a significant amount of new players into blockchain gaming.

This project has an official website that says it’s in the beta phase of release, and looks mild so far. Initially, the platform was able to host NFTs and other assets through the integration of Ethereum technologies in July and Loopring layer 2 solutions to get Beta launched back in March.

Image credit | GameStop/Immutable X

It is fair to say that the release schedule for each stage of this project has been met on time. Now that we’re in November, GME and Immutable X have since allowed the integration of web3-related gaming projects, with some of the biggest names on the roster available to play through the portal. They include:

• Estates Unchained
• Immortal game
• Guild of Guilds
• Ember Sword
• Bit verse
• Hro (DC TCG Game)

$500 million already invested

Total 500 million dollars were placed in an investment fund for game developers and NFT creators using the Immutable X platform by GameStop, and an additional $100 million was set aside for a token incentive as a joint venture of the 2 companies leading this project.

Immutable X itself has recently been evaluated as a $2 billion company thanks to a number of different investments and thumbs up from heavyweights like Asia-based Animoca Brands.

Players registered for GameStop Powerup Pro Scheme will be able to take advantage of additional features such as an order book to play some of the games featured on the Immutable X network.

When people see Ethereum, many will be quick to jump to conclusions regarding gas taxes and the overall environmental friendliness of the given project. GameStop and Immutable X have pledged to offer 100% gas-free transaction fees and carbon-neutral minting via their NFT marketplace.

Image credit | GameStop

The effect of crypto on the environment

Crypto that industry has an enormous effect on the environment, and a negative one at that. It has been compared to the country of Greece, which is crazy. Since 2016, mining a single Bitcoin has managed to increase CO2 emissions by 126x, from 0.9 tonnes to 113 in 2021.

The carbon awareness of Gamestop and Immutable is a positive step in the right direction as mining power and overall contributions to climate change will compound as crypto becomes more popular and adapted across industries. We have seen a number of carbon credit tokens rise in popularity with the likes of KlimaDAO and the MCO2 token making the most notable waves so far.

Players enrolled in the GameStop Powerup Pro scheme will be able to take advantage of additional features, such as an order book to play any of the games featured on the Immutable X network.

It should also be noted that GameStop and Immutable X bring real power to the players! Traders using the platform will distribute 1% of the day’s trading volume in the form of The IMX token and other rewards for staking crypto through the platform.

Please note if you are outside the US you will not be able to access the NFT marketplace on continents such as Europe and Asia. Hopefully, with future development of this project, we will see the integration in these parts of the world.

This latest update is another reason why web3 is an important advancement for technology and entertainment. GameStop has been able to bridge the gap for a large number of users who may not otherwise be exposed to the possibilities of blockchain gaming. While not necessarily the biggest platform in terms of trading volume, it’s great to see a recognizable name making a contribution to the world of web3 and blockchain.