The American retailer of video game consoles and computer games GameStop said it would launch an NFT marketplace by the end of the second fiscal quarter 2022.
The company stated this initiative for the first time in February.
The platform will be built on an Ethereum Layer 2 solution from Australian startup Immutable. The partners created a joint fund worth $100 million in IMX tokens. The structure is designed to fund developers and NFT content creators. Immutable will also provide GameStop up to $150 million in IMX as milestones are reached.
Earlier, one of the company’s close sources in an interview with The Wall Street Journal stated that the platform will allow buying, selling and exchanging non-fungible tokens based on in-game items.
“As we scale and expand our core offerings, we will simultaneously invest in additional growth, including blockchain, digital assets, including NFTs, Web 3.0 technology and new store formats,” — according to the latest filing with the SEC.
As reported earlier, founder and head of Meta (formerly Facebook) Mark Zuckerberg confirmed rumors of non-fungible tokens appearing on Instagram.
Earlier, the SEC began work on determining whether NFTs are securities and applying the relevant laws to them.
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