In joining forces with Immutable X, the longtime games retailer has big blockchain-backed plans, including an NFT platform and a $100 million development fund.
The “meme stock movement” was one of the more bizarre, perhaps inexplicable phenomena of 2021. Thanks to online communities like r/wallstreetbets, fading retail stocks like GameStop found new life when legions of upstart investors opted to strike back against the hedge funds that shorted $GME stock.
But as 2022 faded into view, the longtime gaming retailer was no longer in the headlines. That surely has more than a few intrigued observers wondering exactly what (if anything!) was happening at the company since its otherworldly buzz died down.
On Thursday, we got a solid answer. Gamestop is joining forces with blockchain platform Immutable X on two new projects:
- A smarter, safer, more dynamic NFT marketplace
- A $100 million development fund to support game designers building on Immutable X’s architecture
According to an official announcement posted to social media, ImmutableX’s protocols “will be powering GameStop’s upcoming NFT marketplace with security, speed, 100% carbon neutrality, and zero gas fee. Our integration will allow current & future NFT projects/economies to access more liquidity & gaming content w/ mainstream users.”
And regarding the dev fund:
“Together, we will launch a $100 million pool which we intend to use for grants to creators of NFT content and technology, enabling creators to leverage all the benefits the leading L2 Ethereum brings at Immutable X.”
One of the overarching goals here is not just speed and accessibility, but cutting down on the sheer cost (among other resources) required to sustain the computing power that supports blockchain networks. This is particularly a stumbling block as it relates to the growth of gaming and esports in the ever-expanding virtual landscape of Web3.
4/ There’s so much more to unveil & we’re excited to share with our communities overtime when the integration completes.— Immutable | $IMX (@Immutable) February 3, 2022
In the meantime, if you’re building or going to build a world class NFT game project, submit your project details at https://t.co/Dx2zLZsNLB
Concludes Immutable co-founder Robbie Ferguson:
“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% carbon-neutral.”
If you thought you knew $GME after its radical reinvention in 2021, it may be time for some further reevaluation.
What’s GameStop’s ($GME) Stock Price?
Good question! Here’s how things stand for GameStop stock over the last 12 months:
Additionally, GME is:
- DOWN 35.96% year-to-date for 2022
- DOWN 34.27% over the past month
- DOWN 33.32% over the past six months