GameStop Reimagined with ImmutableX: Game Digital Assets in NFT Format
Source: Observatorioblockchain / Jose Maldonado
GameStop, the famous American chain of stores specialized in the sale of video games and electronic devices, has partnered with ImmutableX to offer digital assets in NFT format of the pieces of the main games built on Web3. The game company, which has been losing money for several years, is trying to reinvent its business model. GameStop made headlines around the world last year when a group of Reddit users saved it from the clutches of Wall Street speculators. In the test period of the new NFT market, GameStop has already managed to raise 29 million dollars.
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Now, thanks to its union with ImmutableX, the fast Ethereum sidechain specialized in NFTs, GameStop offers its players the possibility of owning the pieces that appear in the games. In such a way that they can buy and sell them in GameStop’s own marketplace or in any other compatible with ImmutableX technology.
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The video game store chain thus consolidates its position within a small but growing group of companies interested in bringing the world of NFTs to video games. GameStop’s adventure in the world of NFTs began with a marketplace dedicated to digital art collections. However, thanks to the collaboration with ImmutableX, the NFTs of the famous games Gods Unchained, Illuvium and Guild of Guardians are available in their new market.
GameStop and ImmutableX promote the presence of NFTs in video games
The collaboration between GameStop and ImmutableX started in February 2022. The first thing both companies did was announce a $100 million token incentive fund for Web3 game developers. For its part, GameStop also participated in a $500 million fund for investments and grants for NFTs and game creators using Immutable X.
On the collaboration of both companies, Robbie Ferguson, president and co-founder of ImmutableX, has said he is delighted to continue collaborating with GameStop to build the future of web3 games together. The bet on NFTs is becoming increasingly common among the big names in the video game industry.
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Tencent, one of the market leaders
Giants from the gaming world, such as Tencent, Animoca Brands and Yield Guild Games (YGG), are some of the companies that are betting heavily on this innovation. Interestingly, the Chinese company Tencent, which was forced to close its NFT market in China due to the country’s laws, is promoting NFT technology in other latitudes where regulations allow it. Tencent has stakes in Ubisoft and Rovio, two companies that have ventured into the world of NFTs and metaverses hand in hand with Tencent. In fact, Tencent’s investments in ImmutableX have turned this company into a unicorn valued at more than $2 billion.
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For their part, Animoca and YGG, a DAO that invests in NFTs, are striving to bring NFTs to wide-ranging games. For example, YGG has carried out several partners during this year in order to promote its vision of NFTs within the gaming ecosystem. One of them was done with G4AL crypto-gaming , a platform promoted by former Blizzard employees and focused on offering a complete solution for building AAA video games on blockchain. Among his works, Elemental Raiders stands out, a full 3D MMORPG, with a game style reminiscent of World of Warcraft or DOTA.
Beyond speculation, NFTs are also being used to generate real utility and value spaces in the gaming industry. Companies are aware that closing the ecosystems of their games promote spaces of speculation that many prefer to silence. Above all, the detractors of NFT technology who do not denounce some bad practices.
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black market items
For example, in Diablo III, a game where there are no NFTs, some weapons are sold on the black market for more than $15,000. In most MMOs these trading dynamics are practiced without having NFTs. In addition, the cases of scams are numerous, due to the fact that the operations are carried out on poorly controlled platforms. Even through messaging. This reality can be changed by NFTs.
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In-game NFTs have enormous potential to change the industry. Game developers would have a new way to generate income and users would have the ability to buy items that they can then sell in official or unofficial markets, with the guarantee that the operations would be protected by cryptocurrencies that nobody can manipulate.