GameStop will partner with Australian blockchain startup ImmutableX to set up an NFT marketplace to help game developers create their own non-fungible tokens, the company announced Thursday.
GameStop said it will set up a fund with up to $100 million worth of ImmutableX’s tokens, called IMX, that it will dole out to developers who create NFTs for its marketplace that can be used in video games. As part of the deal, ImmutableX could also pay the retailer as much as $150 million in its tokens if the GameStop NFT marketplace achieves certain milestones, according to a filing.
For several months, the struggling video game retailer’s leadership has talked about pursuing new lines of business in emerging technologies like Web3 and blockchain tech. As consumer demand for physical video games has declined in recent years, GameStop’s business has withered, unable to seize on new business opportunities and forcing it to close physical storefronts across the globe to save costs.
