Video Game Retailer Gamestop Partners With L2 Startup Immutable X, Launches $100 Million NFT Fund

Last May it was discovered that the video game retail giant Gamestop was stepping into the world of non-fungible token (NFT) technology. Nine months later, Gamestop has revealed it is partnering with the layer two (L2) Ethereum scaling project, Immutable X. The two teams have also established a $100 million fund dedicated to NFT creator grants.

Gamestop Partners With Immutable X

Gamestop has finally revealed its blockchain partner on February 3, 2022, after the company hinted about the creation of a Gamestop NFT marketplace built on top of Ethereum. Gamestop’s announcement on Thursday says the video game retailer is collaborating with the Ethereum-based L2 project Immutable X.

Immutable X previously worked with the social media company Tiktok in September. The project’s website claims that it’s the “first layer two for NFTs on Ethereum” and Immutable X participants experience “zero gas fees, instant trades, and carbon-neutral NFTs for marketplaces, games, and applications without compromise.”

Gamestop and Sydney-based startup Immutable X are also launching a grant fund worth $100 million in IMX tokens that will be used for creator grants. “We seek to fund game changers,” Gamestop says about the $100 million grant fund. “We are calling on builders and creators to power the future of Web3 gaming. Apply for grant consideration.”

“The partnership establishes an up to $100 million fund in Immutable X’s IMX tokens, which the parties intend to use for grants to creators of non-fungible token (“NFT”) content and technology,” Gamestop’s announcement details. The company added:

Gamestop also says that the collaboration deal will be filed with the U.S. Securities and Exchange Commission (SEC). “The partnership agreement and other relevant information will be disclosed on Form 8-K with the [SEC],” the video game retailer notes.