A month after announcing an NFT division in a bid to turnaround the struggling company, GameStop has revealed what those NFT plans will look like.
The retailer, whose stock price was artificially pushed up by retail investors collaborating on Reddit last year, intends to ride on that goodwill to revamp the company strategy.
They are going all in on Web3 and NFTs, with their first product being an NFT marketplace that will launch later this year.
According to reports, the marketplace will be built on Immutable X, a platform based on the Ethereum blockchain. Immutable X is designed to mitigate Ethereum’s biggest drawbacks, key among them the high gas fees.
GameStop is also partnering with Immutable to create a $100 million fund for game developers, in a bid to lure them from other platforms.
In recent months, GameStop has advertised for several Web3 and NFT related positions, among them “head of Web3 gaming”, as proof that they are seriously building this division.
It remains to be seen how fans of the company will react to this push into NFTs, considering the very negative reaction the wider gaming community has shown to other mainstream companies doing the same.