GameStop on Thursday confirmed it plans to launch an NFT marketplace, saying it has partnered with blockchain startup Immutable X to develop the project. The NFT marketplace is expected to launch later this year, GameStop said in a release.
GameStop and Immutable also plan to launch an up to $100 million fund that will award grants to people making NFTs for the new marketplace. The fund will use Immutable’s cryptocurrency, IMX.
An NFT, or nonfungible token, is a blockchain-based technology used to determine ownership of unique digital or physical items such as art, music or even a tweet.
GameStop said people from “gaming studios, web 3.0 and metaverse gaming developers, and elsewhere,” can request to be creators on the company’s NFT marketplace.
More to come.