GameStop, the company turned meme, is extending its drive into NFT space. To build a marketplace of its own, GameStop will partner with Immutable, a startup with a scalable solution to Ethereum. Immutable’s goal is to show NFT trading can be green and does not require the waste of electricity.
Immutable offers the same NFT experience as collections on Ethereum, without the gas fees. Moving into NFTs will be a big step for GameStop, which first game on stage as a meme stock discovered by Reddit’s WallStreetBets. GameStop then went on to have one of the most epic short squeezes deliberately driven by memes, while also gaining popularity with the world of cryptocurrencies.
GameStop has taken on the task of organizing creators for its new upcoming collections. For now, it is uncertain if GameStop will build a play to earn portfolio.
The announcement led to mixed reactions, as for some the value proposition of NFT collections is still an alien idea.
Immutable X (IMX) Rallies on News of Partnership
The IMX asset, recently launched by Immutable X, had a brief rally above $3.80 in the past few days. The asset then retreated slightly to around $2.97. IMX is still in the early stages of setting up a price range and may behave unpredictably.
The Immutable X marketplace is featuring a long list of NFT collections. Those include Gods Unchained, one of the earliest play to earn games based on collectible cards.
The IMX token is also easily available for Binance and Coinbase traders, though still suffering from potential price slippage. The recent announcement boosted IMX trading volumes to a record, logging a day with volumes above $366M in 24 hours.
At this activity level, IMX is also expected to attempt a recovery and regain some of its lost positions where it touched a peak of $9.30 right after launching.
Immutable X has also partnered with the FTX Exchange, one of the most active marketplaces for tokens and NFT items in the past 12 months.