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GameStop Announces New Partnership with Immutable X

American video game, consumer electronics, and gaming merchandise retailer, GameStop Corp has unveiled a new partnership with blockchain-based Non-Fungible Token (NFT) platform, Immutable X to extend its foothold in the NFT ecosystem.

As announced by the Texas-based publicly listed company, the partnership established a $100 million fund for NFT creators utilizing the Immutable X platform as well as those who will be onboarded on GameStop’s own NFT marketplace.

Through the partnership, Immutable X will also serve as the Layer-2 protocol to help bootstrap the GameStop NFT marketplace.

“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. Immutable X will also become a layer-2 partner and platform for GameStop and the Company’s NFT marketplace that is expected to launch later this year,” the announcement reads.

According to the terms of the agreement, Immutable X is also expected to provide its native tokens IMX of up to $150 million to GameStop once a certain milestone has been achieved. While Immutable X already has its flourishing ecosystem of creators, GameStop is enjoining all creators from gaming studios, web 3.0, and metaverse gaming developers to apply as part of the creators for its proposed NFT marketplace.

This is one of the most significant steps GameStop has made since it announced its plans to wade into the NFT and metaverse world earlier in January. The switch into NFTs was marked by the onboarding of about 20 veterans to run the newly formed division.

GameStop is not alone in the new foray into the NFT and metaverse world as other mainstream entertainment companies are also exploring NFT-focused solutions. With the launch of a digital collectible featuring Captain America, Marvel Studios is one of the big names pulling serious weight in the entertainment world through NFT, a move GameStop wants to replicate.

Image source: Reuters.com

NFT Layer-2 Protocol ImmutableX Raises $200M in New Funding

Immutable X, an Ethereum-based layer-2 Non-Fungible Token (NFT) token platform, has announced the completion of its Series C funding round. It raised the sum of $200 million from leading investors in the space.

As announced by the startup, the funding round was led by Temasek, with participation from leading blockchain game juggernaut Animoca Brands and technology company Tencent. Other investors include ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset, Liberty Global etc.

The Series C round effectively brings the valuation of Immutable X to $2.5 billion. The funding raised will bolster the ongoing growth on the Immutable X platform while also scaling the Immutable Gaming Studio. Amongst the direct products, the startup will be building on more is its Gods Unchained game, one of the largest blockchain games by the number of active players.

“Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry,” said James Ferguson, CEO, Immutable. “Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth. We are also excited to welcome new executive team members who will help execute on our aggressive business and growth plans.”

The funding will also be diverted into hiring more talent globally as it looks to register its presence on the global scene. Immutable X is building out its ecosystem as it recently inked a partnership with Gamestop, as reported earlier by Blockchain.News. In its bid to advance its role in the gaming world and the broader Web3.0 ecosystem, the platform will ride on its growing network of partners to ink more related deals soon.

Mobile Game Publisher Kongregate Launch $40M Fund for Web 3 Developer

Mobile game publisher Kongregate has partnered with Immutable X, Ethereum’s leading Layer 2 (L2) scaling solution, to launch a $40 million blockchain developer fund.

This time, the fund will establish the IMX token pool as a grant awarded to the development of blockchain games on the web3 gaming platform Kongregate.com.

Immutable X provides Ethereum Layer 2 blockchain developers Immutable. Their games earn NFT game items without compromising the security of their assets. It offers instant trade confirmation and near-zero gas fees for minting and trading NFTs.

According to the company, Kongregate.com will be relaunched later this year.

Max Murphy, CTO of Kongregate, said the launch of Kongregate.com will create a different destination for developers and gamers.

Markus Lipp, CEO of Kongregate, stated that: “Blockchain technology allows us to give them a deeper experience in ways not possible with traditional games, from enabling players to help to shape what comes next in the storylines they love to be able to maintain their unique character across titles.”

Founded in 2016, Kongregate is a leading mobile game publisher and web game portal. Kongregate’s mobile games have been downloaded tens of millions of times and played hundreds of millions of times. Kongregate’s portal has over 100,000 free games played by tens of millions of players every month.

The fund aims to attract the best and brightest developers to build new games on Kongregate’s relaunched web3 platform.