American video game and electronics retailer GameStop announced on Thursday that it intends to launch a market for NFTs before the end of the second fiscal quarter of 2022. That is, the market should be launched by June 30, 2022.
In this way, the company intends to compete with major players in this market such as OpenSea, Coinbase, Binance and FTX.
Partnership between GameStop and Immutable X
According to a statement released by the retailer, the initiative is the result of a partnership with Immutable X, a layer two scalability solution for NFTs on ETH. The platform allows NFTs to be exchanged instantly and processes 9,000 trades per second.
According to GameStop, Immutable X has committed to supporting its NFT marketplace. To that end, it will provide the company with up to $150 million in IMX tokens after achieving “certain milestones”. These specific targets, however, were not detailed in the statement.
In addition to supporting the market launch, part of this money will be used to provide financial support to content creators and platform developers.
IMX is the protocol’s native ERC-20 utility token and its three main use cases are: fees, staking, and governance.
At the time of writing, IMX is trading at $1.51.
While the statement does not provide additional market details, the Wall Street Journal reported, citing a source, that the platform will allow users to buy, sell and trade non-fungible tokens based on in-game items.
Also according to the report, GameStop has hired dozens of professionals with experience in areas such as blockchain games.
GameStop shares fall
Despite the news, GameStop (GME) shares dropped about 10%. Most likely, the drop is a result of the results presented by the company for the fourth quarter of 2021.
According to the report, GameStop recorded a loss of $147.5 million in the fourth quarter of 2021. By way of comparison, in the same period a year earlier, the company recorded gains of $80.3 million.