Reddit favourite Gamestop chooses Sydney-based Immutable for NFT marketplace

Meme stock Gamestop (NYSE:GME) is partnering with Sydney-based Ethereum scaling solution Immutable to launch an NFT marketplace for gaming projects.

The two companies are also creating a US$100 million fund dedicated to providing grants to game developers and studios to build on top of Immutable X and the NFT marketplace.

Gamestop – Immutable

The marketplace will be a place for gamers to buy, sell and trade in-game items such as digital real estate, swords and skins. Immutable’s Immutable X platform uses StarkWare zero-knowledge proof technology to roll up hundreds of thousands of transactions into a single one on the Ethereum mainnet, avoiding high gas fees.

“Immutable is excited to be working with GameStop and leading gaming publishers to support genuine power to players,” said Immutable co-founder Robbie Ferguson.

“Gaming is now bigger than music and movies combined — but the time and value that gamers invest cannot be turned into real economic value.

“GameStop, in partnership with Immutable, has the potential to cement itself as the ultimate destination for the next paradigm of gaming; true in-game economies that enable permissionless ownership of in-game items and value players for their time.

“GameStop’s NFT marketplace will bring the power of an insanely strong community to its over 50 million users and every developer that launches on it, and our technology will make it faster, easier, and more affordable to do so – while being 100 per cent carbon-neutral.”

A carbon footprint from the Ethereum transactions will be offset by two climate conscious partners, Trace and Cool Effect, Immutable said.

Gamestop’s stock closed down 0.8 per cent to US$99.23 on the New York Stock Exchange. Immutable’s IMX token was up 4.0 per cent to US$3.32.

All about Immutable

Immutable in September announced it had raised A$82 million in a Series B funding round, taking its total funding to $105 million.

Based on the US$6.6 billion fully diluted market capitalisation of its IMX tokens, Immutable claims it is a “unicorn” company – the fastest in Australian history. Immutable was founded in 2018 by Robbie Ferguson and his brother, James.