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<br>Feb 3 (Reuters) – GameStop Corp is partnering with blockchain startup Immutable X to launch its non-fungible token (NFT) marketplace later this year, as it looks to take advantage of the booming market and complement its digital pivot into e-commerce.<br> <br>The companies also announced a fund worth $100 million, in Immutable X’s IMX tokens, dedicated to supporting creators of NFT content from gaming studios, “Web3” and metaverse gaming.<br> <br>The market for NFTs hit nearly $25 billion in sales in 2021, compared to just $94.9 million the year before, as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.<br> <br>While some see NFTs as the future of ownership in the online world, and عملة إيثريوم ETH buying NFTs as a vote of confidence in the development of “Web3” or the metaverse, others are baffled as to why so much money is being spent on items which do not physically exist.<br> <br>NFT sales extend to art, sports collectibles, and music.<br> <br>Sydney, Australia-based Immutable raised $60 million in its last round of funding led by BITKRAFT Venture and King Rival Capital in September.
Immutable is the developer of NFT games Gods Unchained and Guild of Guardians.<br> <br>Immutable has created Immutable X, a Layer-2 scalability protocol for NFTs on Ethereum, the second-largest blockchain network. This means it enables transactions at a much faster rate compared to Ethereum, requires low computing power and has lower environmental impact.<br> <br>Immutable X will also become a layer-2 partner and platform for GameStop.
(Reporting by Eva Mathews in Bengaluru; Editing by Shinjini Ganguli)<br>